CARMAX INC, 10-K filed on 4/15/2024
Annual Report
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Document And Entity Information - USD ($)
 12 Months Ended
Feb. 29, 2024
Apr. 11, 2024
Aug. 31, 2023
Entity Information [Line Items]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Feb. 29, 2024    
Document Transition Report false    
Entity File Number 001-31420    
Entity Registrant Name CARMAX, INC.    
Entity Central Index Key 0001170010    
Current Fiscal Year End Date --02-29    
Document Fiscal Year Focus 2024    
Document Fiscal Period Focus FY    
Amendment Flag false    
Entity Incorporation, State or Country Code VA    
Entity Tax Identification Number 54-1821055    
Entity Address, Address Line One 12800 Tuckahoe Creek Parkway    
Entity Address, City or Town Richmond,    
Entity Address, State or Province VA    
Entity Address, Postal Zip Code 23238    
City Area Code 804    
Local Phone Number 747-0422    
Title of 12(b) Security Common Stock    
Trading Symbol KMX    
Security Exchange Name NYSE    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
Entity Shell Company false    
ICFR Auditor Attestation Flag true    
Entity Public Float     $ 12,959,000,271
Entity Common Stock, Shares Outstanding   157,387,560  
Auditor Name KPMG LLP    
Auditor Location Richmond, VA    
Auditor Firm ID 185    
Document Financial Statement Error Correction [Flag] false    
v3.24.1.u1
Consolidated Statements Of Earnings - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Feb. 29, 2024
Feb. 28, 2023
Feb. 28, 2022
SALES AND OPERATING REVENUES:      
NET SALES AND OPERATING REVENUES $ 26,536,040 $ 29,684,873 $ 31,900,412
TOTAL COST OF SALES 23,822,831 26,884,670 28,612,870
GROSS PROFIT  2,713,209 2,800,203 3,287,542
CARMAX AUTO FINANCE INCOME  568,271 663,404 801,507
Selling, General and Administrative Expense 2,286,378 2,487,357 2,325,220
Depreciation, Depletion and Amortization, Nonproduction 239,028 228,449 211,956
Interest expense 124,750 120,398 94,095
Nonoperating Income (Expense) (10,271) (9,401) (34,568)
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest 641,595 636,804 1,492,346
Income tax provision 162,391 152,042 341,049
Net earnings $ 479,204 $ 484,762 $ 1,151,297
Basic (in shares) 158,216 158,800 162,410
Diluted (in shares) 158,707 159,771 165,176
Basic (in dollars per share) $ 3.03 $ 3.05 $ 7.09
Diluted (in dollars per share) $ 3.02 $ 3.03 $ 6.97
Used vehicle sales      
SALES AND OPERATING REVENUES:      
NET SALES AND OPERATING REVENUES $ 20,922,279 $ 23,034,286 $ 24,437,095
TOTAL COST OF SALES 19,170,320 21,186,135 22,398,651
Wholesale vehicle sales      
SALES AND OPERATING REVENUES:      
NET SALES AND OPERATING REVENUES 4,975,802 5,989,796 6,763,813
TOTAL COST OF SALES 4,419,044 5,399,969 5,999,277
Other sales and revenues      
SALES AND OPERATING REVENUES:      
NET SALES AND OPERATING REVENUES 637,959 660,791 699,504
TOTAL COST OF SALES $ 233,467 $ 298,566 $ 214,942
NET SALES AND OPERATING REVENUES      
Percentage of Sales      
Item as a percent of net sales and operating revenues 100.00% 100.00% 100.00%
TOTAL COST OF SALES      
Percentage of Sales      
Item as a percent of net sales and operating revenues 89.80% 90.60% 89.70%
GROSS PROFIT       
Percentage of Sales      
Item as a percent of net sales and operating revenues 10.20% 9.40% 10.30%
CARMAX AUTO FINANCE INCOME       
Percentage of Sales      
Item as a percent of net sales and operating revenues 2.10% 2.20% 2.50%
Selling, general and administrative expenses      
Percentage of Sales      
Item as a percent of net sales and operating revenues 8.60% 8.40% 7.30%
Depreciation and Amortization      
Percentage of Sales      
Item as a percent of net sales and operating revenues 0.90% 0.80% 0.70%
Interest expense      
Percentage of Sales      
Item as a percent of net sales and operating revenues 0.50% 0.40% 0.30%
Other (income) expense      
Percentage of Sales      
Item as a percent of net sales and operating revenues 0.00% 0.00% (0.10%)
Earnings before income taxes      
Percentage of Sales      
Item as a percent of net sales and operating revenues 2.40% 2.10% 4.70%
Income tax provision      
Percentage of Sales      
Item as a percent of net sales and operating revenues 0.60% 0.50% 1.10%
NET EARNINGS       
Percentage of Sales      
Item as a percent of net sales and operating revenues 1.80% 1.60% 3.60%
NET SALES AND OPERATING REVENUES | Used vehicle sales      
Percentage of Sales      
Item as a percent of net sales and operating revenues 78.80% 77.60% 76.60%
NET SALES AND OPERATING REVENUES | Wholesale vehicle sales      
Percentage of Sales      
Item as a percent of net sales and operating revenues 18.80% 20.20% 21.20%
NET SALES AND OPERATING REVENUES | Other sales and revenues      
Percentage of Sales      
Item as a percent of net sales and operating revenues 2.40% 2.20% 2.20%
TOTAL COST OF SALES | Used vehicle sales      
Percentage of Sales      
Item as a percent of net sales and operating revenues 72.20% 71.40% 70.20%
TOTAL COST OF SALES | Wholesale vehicle sales      
Percentage of Sales      
Item as a percent of net sales and operating revenues 16.70% 18.20% 18.80%
TOTAL COST OF SALES | Other sales and revenues      
Percentage of Sales      
Item as a percent of net sales and operating revenues 0.90% 1.00% 0.70%
v3.24.1.u1
Consolidated Statements Of Comprehensive Income - USD ($)
$ in Thousands
 12 Months Ended
Feb. 29, 2024
Feb. 28, 2023
Feb. 28, 2022
Statement of Comprehensive Income [Abstract]      
NET EARNINGS $ 479,204 $ 484,762 $ 1,151,297
Other comprehensive (loss) income, net of taxes:      
Net change in retirement benefit plan unrecognized actuarial losses 7,474 28,411 19,661
Net change in cash flow hedge unrecognized gains (46,064) 115,880 52,608
Other comprehensive (loss) income, net of taxes (38,590) 144,291 72,269
TOTAL COMPREHENSIVE INCOME $ 440,614 $ 629,053 $ 1,223,566
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Consolidated Balance Sheets - USD ($)
$ in Thousands
Feb. 29, 2024
Feb. 28, 2023
CURRENT ASSETS:    
Cash and cash equivalents $ 574,142 $ 314,758
Restricted cash from collections on auto loans receivable 506,648 470,889
Accounts receivable, net 221,153 298,783
Inventory 3,678,070 3,726,142
Other current assets 246,581 230,795
TOTAL CURRENT ASSETS  5,226,594 5,041,367
Auto loans receivable, net of allowance for loan losses of $482,790 and $507,201 as of February 29, 2024 and February 28, 2023, respectively 17,011,844 16,341,791
Property and equipment, net 3,665,530 3,430,914
Deferred income taxes 98,790 80,740
Operating lease assets 520,717 545,677
Goodwill 141,258 141,258
Other assets 532,064 600,989
TOTAL ASSETS  27,196,797 26,182,736
CURRENT LIABILITIES:    
Accounts payable 933,708 826,592
Accrued expenses and other current liabilities 523,971 478,964
Current portion of operating lease liabilities 57,161 53,287
Current portion of long-term debt 313,282 111,859
Current portion of non-recourse notes payable 484,167 467,609
TOTAL CURRENT LIABILITIES  2,312,289 1,938,311
Long-term debt, excluding current portion 1,602,355 1,909,361
Non-recourse notes payable, excluding current portion 16,357,301 15,865,776
Operating lease liabilities, excluding current portion 496,210 523,828
Other liabilities 354,902 332,383
TOTAL LIABILITIES  21,123,057 20,569,659
Commitments and contingent liabilities
SHAREHOLDERS’ EQUITY:    
Common stock, $0.50 par value; 350,000,000 shares authorized; 157,611,939 and 158,079,033 shares issued and outstanding as of February 29, 2024 and February 28, 2023, respectively 78,806 79,040
Capital in excess of par value 1,808,746 1,713,074
Accumulated other comprehensive income 59,279 97,869
Retained earnings 4,126,909 3,723,094
TOTAL SHAREHOLDERS’ EQUITY  6,073,740 5,613,077
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY  $ 27,196,797 $ 26,182,736
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Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Feb. 29, 2024
Feb. 28, 2023
Statement of Financial Position [Abstract]    
Common Stock, Par or Stated Value Per Share $ 0.50 $ 0.50
Common stock, shares authorized 350,000,000 350,000,000
Common stock, shares issued 157,611,939 158,079,033
Common Stock, Shares, Outstanding 157,611,939 158,079,033
Financing Receivable, Allowance for Credit Loss $ 482,790 $ 507,201
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Consolidated Statements Of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Feb. 29, 2024
Feb. 28, 2023
Feb. 28, 2022
OPERATING ACTIVITIES:      
Net earnings $ 479,204 $ 484,762 $ 1,151,297
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:      
Depreciation and amortization 260,414 265,224 273,188
Share-based compensation expense 119,720 85,592 109,197
Provision for loan losses 310,516 317,013 141,692
Provision for cancellation reserves 80,311 98,137 114,928
Deferred income tax (benefit) provision (4,800) (6,550) 15,000
Other 9,252 4,773 (19,139)
Net decrease (increase) in:      
Accounts receivable, net 77,630 262,201 (288,195)
Inventory 48,072 1,398,427 (1,967,432)
Other current assets 39,939 103,222 (80,790)
Auto loans receivable, net (980,569) (1,369,103) (1,941,574)
Other assets (13,902) (52,286) (32,272)
Net increase (decrease) in:      
Accounts payable, accrued expenses and other current liabilities and accrued income taxes 118,511 (197,687) 175,106
Other liabilities (85,681) (110,393) (200,456)
Net Cash Provided by (Used in) Operating Activities 458,617 1,283,332 (2,549,450)
INVESTING ACTIVITIES:      
Capital expenditures (465,307) (422,710) (308,534)
Proceeds from disposal of property and equipment 1,351 5,190 260
Proceeds from Sales of Business, Affiliate and Productive Assets 0 0 12,298
Payments to Acquire Investments (6,193) (12,526) (24,614)
Proceeds from Sale and Maturity of Other Investments 3,151 4,280 38,408
Payments to Acquire Businesses, Net of Cash Acquired 0 0 (241,563)
Net Cash Provided by (Used in) Investing Activities (466,998) (425,766) (523,745)
FINANCING ACTIVITIES:      
Proceeds from issuances of long-term debt 134,600 3,020,700 7,684,400
Payments on long-term debt (246,067) (4,275,353) (5,752,796)
Cash paid for debt issuance costs (21,633) (19,781) (20,132)
Finance Lease, Principal Payments (16,674) (12,200) (11,923)
Issuances of non-recourse notes payable 12,380,050 14,333,896 14,328,298
Payments on non-recourse notes payable (11,873,169) (13,440,603) (12,626,308)
Repurchase and retirement of common stock (94,086) (333,932) (576,478)
Equity issuances 44,766 17,093 79,805
Net Cash Provided by (Used in) Financing Activities 307,787 (710,180) 3,104,866
Increase in cash, cash equivalents, and restricted cash 299,406 147,386 31,671
Cash, cash equivalents, and restricted cash at beginning of year 951,004 803,618 771,947
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF YEAR 1,250,410 951,004 803,618
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH TO THE CONSOLIDATED BALANCE SHEETS      
Cash and cash equivalents 574,142 314,758 102,716
Restricted cash from collections on auto loans receivable 506,648 470,889 548,099
Restricted cash included in other assets 169,620 165,357 152,803
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF YEAR $ 1,250,410 $ 951,004 $ 803,618
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Consolidated Statements Of Shareholders’ Equity - USD ($)
$ in Thousands
Total
Common Stock
Capital In Excess Of Par Value
Retained Earnings
Accumulated Other Comprehensive Loss
BALANCE at Feb. 28, 2021 $ 4,364,613 $ 81,586 $ 1,513,821 $ 2,887,897 $ (118,691)
BALANCE, SHARES at Feb. 28, 2021   163,172,000      
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net earnings 1,151,297     1,151,297  
Other comprehensive (loss) income 72,269       72,269
Share-based compensation expense 56,762   56,762    
Adjustments to Additional Paid in Capital, Other     90,183    
Stock Issued During Period, Value, Acquisitions 90,571 $ 388      
Stock Issued During Period, Shares, Acquisitions   776,000      
Repurchases of common stock (561,625) $ (2,237) (44,260) (515,128)  
Repurchase of common stock, shares   (4,475,000)      
Exercise of common stock options 79,805 $ 651 79,154    
Exercise of common stock options, shares   1,302,000      
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture (18,253) $ 139 (18,392)    
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture   279,000      
BALANCE at Feb. 28, 2022 5,235,439 $ 80,527 1,677,268 3,524,066 (46,422)
BALANCE, SHARES at Feb. 28, 2022   161,054,000      
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net earnings 484,762     484,762  
Other comprehensive (loss) income 144,291       144,291
Share-based compensation expense 62,025   62,025    
Repurchases of common stock (323,243) $ (1,702) (35,807) (285,734)  
Repurchase of common stock, shares   (3,404,000)      
Exercise of common stock options 17,093 $ 134 16,959    
Exercise of common stock options, shares   268,000      
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture (7,290) $ 81 (7,371)    
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture   161,000      
BALANCE at Feb. 28, 2023 $ 5,613,077 $ 79,040 1,713,074 3,723,094 97,869
BALANCE, SHARES at Feb. 28, 2023 158,079,033 158,079,000      
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net earnings $ 479,204     479,204  
Other comprehensive (loss) income (38,590)       (38,590)
Share-based compensation expense 70,956   70,956    
Repurchases of common stock (91,407) $ (667) (15,351) (75,389)  
Repurchase of common stock, shares   (1,334,000)      
Exercise of common stock options 44,766 $ 376 44,390    
Exercise of common stock options, shares   752,000      
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture (4,266) $ 57 (4,323)    
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture   115,000      
BALANCE at Feb. 29, 2024 $ 6,073,740 $ 78,806 $ 1,808,746 $ 4,126,909 $ 59,279
BALANCE, SHARES at Feb. 29, 2024 157,611,939 157,612,000      
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Supplemental Cash Flow Information Supplemental Cash Flow (Notes)
 12 Months Ended
Feb. 29, 2024
Supplemental Cash Flow Elements [Abstract]  
Cash Flow, Supplemental Disclosures [Text Block] SUPPLEMENTAL CASH FLOW INFORMATION
Supplemental disclosures of cash flow information:
Years Ended February 29 or 28
(In thousands)202420232022
Cash paid for interest$123,545 $122,147 $91,686 
Cash paid for income taxes$164,612 $152,626 $373,234 
Non-cash investing and financing activities:
(Decrease) increase in accrued capital expenditures$(17,535)$7,557 $14,837 
Increase in financing obligations$4,527 $7,863 $— 
See Note 16 for supplemental cash flow information related to leases.
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Supplemental Cash Flow Information Supplemental Cash Flow Information (Tables)
 12 Months Ended
Feb. 29, 2024
Supplemental Cash Flow Elements [Abstract]  
Cash Flow, Supplemental Disclosures [Text Block] SUPPLEMENTAL CASH FLOW INFORMATION
Supplemental disclosures of cash flow information:
Years Ended February 29 or 28
(In thousands)202420232022
Cash paid for interest$123,545 $122,147 $91,686 
Cash paid for income taxes$164,612 $152,626 $373,234 
Non-cash investing and financing activities:
(Decrease) increase in accrued capital expenditures$(17,535)$7,557 $14,837 
Increase in financing obligations$4,527 $7,863 $— 
See Note 16 for supplemental cash flow information related to leases.
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block]
Years Ended February 29 or 28
(In thousands)202420232022
Cash paid for interest$123,545 $122,147 $91,686 
Cash paid for income taxes$164,612 $152,626 $373,234 
Non-cash investing and financing activities:
(Decrease) increase in accrued capital expenditures$(17,535)$7,557 $14,837 
Increase in financing obligations$4,527 $7,863 $— 
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Supplemental Cash Flow Information Supplemental Cash Flow (Details) - USD ($)
$ in Thousands
 12 Months Ended
Feb. 29, 2024
Feb. 28, 2023
Feb. 28, 2022
Supplemental Cash Flow Elements [Abstract]      
Cash paid for interest $ 123,545 $ 122,147 $ 91,686
Cash paid for income taxes 164,612 152,626 373,234
(Decrease) increase in accrued capital expenditures (17,535) 7,557 14,837
Increase in financing obligations $ 4,527 $ 7,863 $ 0
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Summary Of Significant Accounting Policies
 12 Months Ended
Feb. 29, 2024
Accounting Policies [Abstract]  
Summary Of Significant Accounting Policies NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(A)Business and Background
CarMax, Inc. (“we,” “our,” “us,” “CarMax” and “the company”), including its wholly owned subsidiaries, is the nation’s largest retailer of used vehicles. We operate in two reportable segments:  CarMax Sales Operations and CarMax Auto Finance (“CAF”).  Our CarMax Sales Operations segment consists of all aspects of our auto merchandising and service operations, excluding financing provided by CAF. Our CAF segment consists solely of our own finance operation that provides financing to customers buying retail vehicles from CarMax. On June 1, 2021, we completed the acquisition of Edmunds Holding Company (“Edmunds”), which does not meet the quantitative thresholds to be considered a reportable segment. See Note 19 for additional information on our reportable segments.
We deliver an unrivaled customer experience by offering a broad selection of quality used vehicles and related products and services at competitive, no-haggle prices using a customer-friendly sales process. Our omni-channel platform, which gives us the largest addressable market in the used car industry, empowers our retail customers to buy a car on their terms – online, in-store or an integrated combination of both. We offer customers a range of related products and services, including the appraisal and purchase of vehicles directly from consumers; the financing of retail vehicle purchases through CAF and third-party finance providers; the sale of extended protection plan (“EPP”) products, which include extended service plans (“ESPs”) and guaranteed asset protection (“GAP”); and vehicle repair service. Vehicles purchased through the appraisal process that do not meet our retail standards are sold to licensed dealers through on-site or virtual wholesale auctions.
(B)Basis of Presentation and Use of Estimates
The consolidated financial statements include the accounts of CarMax and our wholly owned subsidiaries.  All significant intercompany balances and transactions have been eliminated in consolidation.  The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities.  Actual results could differ from those estimates.  Certain prior year amounts have been reclassified to conform to the current year’s presentation.  Amounts and percentages may not total due to rounding.
(C)Cash and Cash Equivalents
Cash equivalents consisting of highly liquid investments with original maturities of three months or less were $484.3 million as of February 29, 2024 and $229.5 million as of February 28, 2023.
(D)Restricted Cash from Collections on Auto Loans Receivable
Cash equivalents, totaling $506.6 million as of February 29, 2024 and $470.9 million as of February 28, 2023, consisted of collections of principal, interest and fee payments on auto loans receivable that are restricted for payment to holders of non-recourse notes payable pursuant to the applicable agreements.
(E)Accounts Receivable, Net
Accounts receivable, net of an allowance for doubtful accounts, includes certain amounts due from third-party finance providers and customers, and other miscellaneous receivables.  The allowance for doubtful accounts is estimated based on historical experience and trends.
(F)Financing and Securitization Transactions
We maintain a revolving funding program composed of three warehouse facilities (“warehouse facilities”) that we use to fund auto loans receivable originated by CAF. We typically elect to fund these receivables through an asset-backed term funding transaction, such as a term securitization or alternative funding arrangement, at a later date.  We sell the auto loans receivable to one of three wholly owned, bankruptcy-remote, special purpose entities that transfer an undivided percentage ownership interest in the receivables, but not the receivables themselves, to entities formed by third-party investors.  These entities issue asset-backed commercial paper or utilize other funding sources supported by the transferred receivables, and the proceeds are used to finance the related receivables.
We typically use term securitizations to provide long-term funding for most of the auto loans receivable initially funded through the warehouse facilities.  In these transactions, a pool of auto loans receivable is sold to a bankruptcy-remote, special purpose entity that, in turn, transfers the receivables to a special purpose securitization trust.  The securitization trust issues asset-backed securities, secured or otherwise supported by the transferred receivables, and the proceeds from the sale of the asset-backed securities are used to finance the securitized receivables.
We are required to evaluate term securitization trusts for consolidation.  In our capacity as servicer, we have the power to direct the activities of the trusts that most significantly impact the economic performance of the trusts.  In addition, we have the obligation to absorb losses (subject to limitations) and the rights to receive any returns of the trusts, which could be significant.  Accordingly, we are the primary beneficiary of the trusts and are required to consolidate them.
We recognize transfers of auto loans receivable into the warehouse facilities and asset-backed term funding transactions, including term securitizations (together, “non-recourse funding vehicles”), as secured borrowings, which result in recording the auto loans receivable and the related non-recourse notes payable on our consolidated balance sheets.
These receivables can only be used as collateral to settle obligations of the related non-recourse funding vehicles.  The non-recourse funding vehicles and investors have no recourse to our assets beyond the related receivables, the amounts on deposit in reserve accounts and the restricted cash from collections on auto loans receivable.  We have not provided financial or other support to the non-recourse funding vehicles that was not previously contractually required, and there are no additional arrangements, guarantees or other commitments that could require us to provide financial support to the non-recourse funding vehicles.
See Notes 4 and 12 for additional information on auto loans receivable and non-recourse notes payable. 
(G)Inventory
Inventory is primarily comprised of vehicles held for sale or currently undergoing reconditioning and is stated at the lower of cost or net realizable value (“NRV”).  Vehicle inventory cost is determined by specific identification.  Parts, labor and overhead costs associated with reconditioning vehicles, as well as transportation and other incremental expenses associated with acquiring and reconditioning vehicles, are included in inventory.
(H)Auto Loans Receivable, Net
Auto loans receivable include amounts due from customers related to retail vehicle sales financed through CAF and are presented net of an allowance for loan losses. The allowance for loan losses represents the net credit losses expected over the remaining contractual life of our managed receivables. See Note 4 for additional information on our significant accounting policies related to auto loans receivable and the allowance for loan losses.
(I)Property and Equipment
Property and equipment is stated at cost less accumulated depreciation and amortization.  Depreciation and amortization are calculated using the straight-line method over the shorter of the asset’s estimated useful life or the lease term, if applicable.  Costs incurred during new store construction are capitalized as construction-in-progress and reclassified to the appropriate fixed asset categories when the store is completed.
Estimated Useful Lives
 Life
Buildings25 years
Leasehold improvements10 – 15 years
Furniture, fixtures and equipment3 – 15 years
Software 5 years
We review long-lived assets for impairment when events or changes in circumstances indicate the carrying amount of an asset may not be recoverable.  We recognize impairment when the sum of undiscounted estimated future cash flows expected to result from the use of the asset is less than the carrying value of the asset.  See Note 7 for additional information on property and equipment.
(J)Other Assets
Restricted Cash on Deposit in Reserve Accounts.  The restricted cash on deposit in reserve accounts is for the benefit of holders of non-recourse notes payable, and these funds are not expected to be available to the company or its creditors.  In the event that the cash generated by the related receivables in a given period was insufficient to pay the interest, principal and other required payments, the balances on deposit in the reserve accounts would be used to pay those amounts.  Restricted cash on deposit in reserve accounts is invested in money market securities or bank deposit accounts and was $118.2 million as of February 29, 2024 and $113.7 million as of February 28, 2023.
Other Investments.  Other investments includes restricted money market securities primarily held to satisfy certain insurance program requirements, investments held in a rabbi trust established to fund informally our executive deferred compensation plan and investments in equity securities.  Money market securities and mutual funds are reported at fair value, and investments in equity securities are reported at cost less any impairment and adjusted for any observable changes in price. Gains and losses on these securities are reflected as a component of other income. Other investments totaled $137.3 million as of February 29, 2024 and $133.2 million as of February 28, 2023.
(K)Financing Obligations
We generally account for sale-leaseback transactions as financing obligations.  Accordingly, we record certain of the assets subject to these transactions on our consolidated balance sheets in property and equipment and the related sales proceeds as financing obligations in long-term debt.  Depreciation is recognized on the assets over their estimated useful lives, generally 25 years.  A portion of the periodic lease payments is recognized as interest expense and the remainder reduces the obligation.  In the event the sale-leasebacks are modified or extended beyond their original term, the related obligation is increased based on the present value of the revised future minimum lease payments on the date of the modification, with a corresponding increase to the net carrying amount of the assets subject to these transactions.  See Note 12 for additional information on financing obligations.
(L)Accrued Expenses
As of February 29, 2024 and February 28, 2023, accrued expenses and other current liabilities included accrued compensation and benefits of $192.4 million and $159.3 million, respectively; loss reserves for general liability and workers’ compensation insurance of $51.9 million and $47.5 million, respectively; our vehicle return reserves of $97.8 million and $95.9 million, respectively; and the current portion of cancellation reserves. See Note 9 for additional information on cancellation reserves.
(M)Defined Benefit Plan Obligations
The recognized funded status of defined benefit retirement plan obligations is included both in accrued expenses and other current liabilities and in other liabilities.  The current portion represents benefits expected to be paid from our benefit restoration plan over the next 12 months.  The defined benefit retirement plan obligations are determined using a number of actuarial assumptions.  Key assumptions used in measuring the plan obligations include the discount rate, rate of return on plan assets and mortality rate.  See Note 11 for additional information on our benefit plans.
(N)Insurance Liabilities
Insurance liabilities are included in accrued expenses and other current liabilities.  We use a combination of insurance and self-insurance for a number of risks including workers’ compensation, general liability and employee-related health care costs, a portion of which is paid by associates.  Estimated insurance liabilities are determined by considering historical claims experience, demographic factors and other actuarial assumptions.
(O)Revenue Recognition
Our revenue consists primarily of used and wholesale vehicle sales, as well as sales from EPP products, advertising and subscription revenues earned by our Edmunds business and vehicle repair service revenues. See Note 2 for additional information on our significant accounting policies related to revenue recognition.
(P)Cost of Sales
Cost of sales includes the cost to acquire vehicles and the reconditioning and transportation costs associated with preparing the vehicles for resale.  It also includes payroll, fringe benefits, and parts, labor and overhead costs associated with reconditioning and vehicle repair services.  The gross profit earned by our service department for used vehicle reconditioning service is a reduction of cost of sales.  We maintain a reserve to eliminate the internal profit on vehicles that have not been sold. 
(Q)Selling, General and Administrative Expenses
Selling, general and administrative (“SG&A”) expenses primarily include compensation and benefits, other than payroll related to reconditioning and vehicle repair services; rent and other occupancy costs; advertising; and other, including IT expenses, non-CAF bad debt, insurance, travel, charitable contributions, preopening and relocation costs, and other administrative expenses.
(R)Advertising Expenses
Advertising costs are expensed as incurred and substantially all are included in SG&A expenses.  Total advertising expenses were $265.6 million in fiscal 2024, $295.6 million in fiscal 2023 and $332.2 million in fiscal 2022.
(S) Location Opening Expenses
Costs related to location openings, including preopening costs, are expensed as incurred and are included in SG&A expenses.
(T)Share-Based Compensation
Share-based compensation represents the cost related to share-based awards granted to employees and non-employee directors.  We measure share-based compensation cost at the grant date, based on the estimated fair value of the award, and we recognize the cost on a straight-line basis, net of estimated forfeitures, over the grantee’s requisite service period, which is generally the vesting period of the award.  We estimate the fair value of stock options using a binomial valuation model.  Key assumptions used in estimating the fair value of options are dividend yield, expected volatility, risk-free interest rate and expected term.  The fair values of restricted stock, stock-settled performance stock units and stock-settled deferred stock units are based on the closing prices on the date of the grant.  The fair value of stock-settled market stock units is determined using a Monte-Carlo simulation based on the expected market price of our common stock on the vesting date and the expected number of converted common shares.  Cash-settled restricted stock units are liability awards with fair value measurement based on the closing price of CarMax common stock as of the end of each reporting period.  Share-based compensation expense is recorded in either cost of sales, CAF income or SG&A expenses based on the recipients’ respective function.
We record deferred tax assets for awards that result in deductions on our income tax returns, based on the amount of compensation expense recognized and the statutory tax rate in the jurisdiction in which we will receive a deduction.  Differences between the deferred tax assets recognized for financial reporting purposes and the actual tax deduction reported on the income tax return are recorded in income tax expense.  See Note 13 for additional information on stock-based compensation.
(U)Derivative Instruments and Hedging Activities
We enter into derivative instruments to manage certain risks arising from both our business operations and economic conditions that result in the future known receipt or payment of uncertain cash amounts, the values of which are impacted by interest rates.  We recognize the derivatives at fair value on the consolidated balance sheets, and where applicable, such contracts covered by master netting agreements are reported net.  Gross positive fair values are netted with gross negative fair values by counterparty.  The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting.  We may enter into derivative contracts that are intended to economically hedge certain risks, even though hedge accounting may not apply or we do not elect to apply hedge accounting.  See Note 5 for additional information on derivative instruments and hedging activities.
(V)Income Taxes
We file a consolidated federal income tax return. Deferred income taxes reflect the impact of temporary differences between the amounts of assets and liabilities recognized for financial reporting purposes and the amounts recognized for income tax purposes, measured by applying currently enacted tax laws.  A deferred tax asset is recognized if it is more likely than not that a benefit will be realized.  Changes in tax laws and tax rates are reflected in the income tax provision in the period in which the changes are enacted. We evaluate the need to record valuation allowances that would reduce deferred tax assets to the amount that will more likely than not be realized.  When assessing the need for valuation allowances, we consider available loss carrybacks, tax planning strategies, future reversals of existing temporary differences and future taxable income.
We recognize the tax benefit from an uncertain tax position only if it is more likely than not that the position will be sustained upon review by tax authorities. Benefits recognized from tax positions are measured at the highest tax benefit that is greater than 50% likely of being realized upon settlement. To the extent that the final tax outcome of these matters is different from the amounts recorded, the differences impact income tax expense in the period in which the determination is made. Interest and penalties related to income tax matters are included in SG&A expenses. See Note 10 for additional information on income taxes.
(W) Net Earnings Per Share
Basic net earnings per share is computed by dividing net earnings available for basic common shares by the weighted average number of shares of common stock outstanding.  Diluted net earnings per share is computed by dividing net earnings available for diluted common shares by the sum of the weighted average number of shares of common stock outstanding and dilutive potential common stock.  Diluted net earnings per share is calculated using the “if-converted” treasury stock method.  See Note 14 for additional information on net earnings per share.
(X)Recent Accounting Pronouncements
Adopted in the Current Period
In October 2021, the Financial Accounting Standards Board (“FASB”) issued an accounting pronouncement (ASU 2021-08) related to accounting for acquired revenue contracts with customers in a business combination. The amendments in this update address diversity in practice and inconsistency related to recognition of an acquired contract liability and the effect of payment terms on subsequent revenue recognition for the acquirer. This update is effective for fiscal years beginning after December 15,
2022, including interim periods within those fiscal years. We adopted this pronouncement for our fiscal year beginning March 1, 2023, and it did not have a material effect on our consolidated financial statements.
In March 2022, the FASB issued an accounting pronouncement (ASU 2022-01) related to the portfolio layer method of hedge accounting. The amendments in this update clarify the accounting and promote consistency in reporting for hedges where the portfolio layer method is applied. This update is effective for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years. We adopted this pronouncement for our fiscal year beginning March 1, 2023, and it did not have a material effect on our consolidated financial statements.
In March 2022, the FASB issued an accounting pronouncement (ASU 2022-02) related to troubled debt restructurings (“TDRs”) and vintage disclosures for financing receivables. The amendments in this update eliminate the accounting guidance for TDRs by creditors while enhancing disclosure requirements for certain loan refinancing and restructurings by creditors made to borrowers experiencing financial difficulty. The amendments also require disclosure of current-period gross charge-offs by year of origination for financing receivables. The amendments in this update are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. We adopted this pronouncement for our fiscal year beginning March 1, 2023, and made the necessary updates to our vintage disclosures. Aside from these disclosure changes, the amendments did not have a material effect on our consolidated financial statements.
In September 2022, the FASB issued an accounting pronouncement (ASU 2022-04) related to disclosure requirements for buyers in supplier finance programs. The amendments in the update require that buyers disclose qualitative and quantitative information about their supplier finance programs. Interim and annual requirements include disclosure of outstanding amounts under the obligations as of the end of the reporting period, and annual requirements include a rollforward of those obligations for the annual reporting period, as well as a description of payment and other key terms of the programs. This update is effective for annual periods beginning after December 15, 2022, and interim periods within those fiscal years, except for the requirement to disclose rollforward information, which is effective for fiscal years beginning after December 15, 2023. We adopted this pronouncement for our fiscal year beginning March 1, 2023, and it did not have a material effect on our consolidated financial statements.
Effective in Future Periods
In October 2023, the FASB issued an accounting pronouncement (ASU 2023-06) related to disclosure or presentation requirements for various subtopics in the FASB’s Accounting Standards Codification (“Codification”). The amendments in the update are intended to align the requirements in the Codification with the U.S. Securities and Exchange Commission's (“SEC”) regulations and facilitate the application of GAAP for all entities. The effective date for each amendment is the date on which the SEC removal of the related disclosure requirement from Regulation S-X or Regulation S-K becomes effective, or if the SEC has not removed the requirements by June 30, 2027, this amendment will be removed from the Codification and will not become effective for any entity. Early adoption is prohibited. We do not expect this update to have a material impact on our consolidated financial statements.
In November 2023, the FASB issued an accounting pronouncement (ASU 2023-07) related to the disclosure of incremental segment information on an annual and interim basis. This update is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, and requires retrospective application to all prior periods presented in the financial statements. We plan to adopt this pronouncement beginning with our fiscal year ended February 28, 2025, and we do not expect it to have a material effect on our consolidated financial statements.
In December 2023, the FASB issued an accounting pronouncement (ASU 2023-09) related to income tax disclosures. The amendments in this update are intended to enhance the transparency and decision usefulness of income tax disclosures primarily through changes to the rate reconciliation and income taxes paid information. This update is effective for annual periods beginning after December 15, 2024, though early adoption is permitted. We plan to adopt this pronouncement for our fiscal year beginning March 1, 2025, and we do not expect it to have a material effect on our consolidated financial statements.
In March 2024, the SEC issued final rules to enhance public company disclosures related to the risks and impacts of climate-related matters, and in April 2024, the SEC voluntarily stayed the new rules as a result of pending legal challenges. The new rules, if adopted, include a requirement to disclose climate-related risks and the material impacts that severe weather events and other natural conditions have had, or are reasonably likely to have, on the company. The rules also require disclosures related to management and the board of directors’ governance over such risks. The new disclosure rules, absent the results of pending legal challenges, are currently expected to be effective for our Form 10-K for the year-ended February 28, 2026, except for those relating to greenhouse gas emissions, which are expected to be effective for our Form 10-K for the year-ended February 28, 2027. We are in the process of evaluating the impacts of these new rules.
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Revenue Disclosures
 12 Months Ended
Feb. 29, 2024
Revenue from Contract with Customer [Abstract]  
Revenue from Contract with Customer [Text Block] REVENUE
We recognize revenue when control of the good or service has been transferred to the customer, generally either at the time of sale or upon delivery to a customer.  Our contracts have a fixed contract price and revenue is measured as the amount of consideration we expect to receive in exchange for transferring goods or providing services. We collect sales taxes and other taxes from customers on behalf of governmental authorities at the time of sale.  These taxes are accounted for on a net basis and are not included in net sales and operating revenues or cost of sales. We generally expense sales commissions when incurred because the amortization period would have been less than one year. These costs are recorded within selling, general and administrative expenses. We do not have any significant payment terms as payment is received at or shortly after the point of sale.
Disaggregation of Revenue

Years Ended February 29 or 28
(In millions)202420232022
Used vehicle sales$20,922.3 $23,034.3 $24,437.1 
Wholesale vehicle sales4,975.8 5,989.8 6,763.8 
Other sales and revenues:
Extended protection plan revenues401.8 422.3 478.4 
Third-party finance (fees)/income, net(5.8)7.0 1.5 
Advertising & subscription revenues (1)
135.8 133.3 101.8 
Service revenues85.1 82.3 81.8 
Other21.1 15.9 36.0 
Total other sales and revenues638.0 660.8 699.5 
Total net sales and operating revenues$26,536.0 $29,684.9 $31,900.4 

(1)     Excludes intersegment sales and operating revenues that have been eliminated in consolidation. See Note 19 for further details.

Used Vehicle Sales. Revenue from the sale of used vehicles is recognized upon transfer of control of the vehicle to the customer. As part of our customer service strategy, we guarantee the retail vehicles we sell with a 30-day/1,500 mile, money-back guarantee.  In May 2024, we will replace our 30-day money-back guarantee with a 10-day money-back guarantee. We record a reserve for estimated returns based on historical experience and trends. The reserve for estimated returns is presented gross on the consolidated balance sheets, with a return asset recorded in other current assets and a refund liability recorded in accrued expenses and other current liabilities. We also guarantee the used vehicles we sell with a 90-day/4,000-mile limited warranty. These warranties are deemed assurance-type warranties and are accounted for as warranty obligations. See Note 18 for additional information on this warranty and its related obligation.
Wholesale Vehicle Sales. Wholesale vehicles are sold at our auctions, and revenue from the sale of these vehicles is recognized upon transfer of control of the vehicle to the customer. Dealers also pay a fee to us based on the sale price of the vehicles they purchase. This fee is recognized as revenue at the time of sale. While we provide condition disclosures on each wholesale vehicle sold, the vehicles are subject to a limited right of return. We record a reserve for estimated returns based on historical experience and trends. The reserve for estimated returns is presented gross on the consolidated balance sheets, with a return asset recorded in other current assets and a refund liability recorded in accrued expenses and other current liabilities.
EPP Revenues. We also sell ESP and GAP products on behalf of unrelated third parties, who are primarily responsible for fulfilling the contract, to customers who purchase a retail vehicle.  The ESPs we currently offer on all used vehicles provide coverage up to 60 months (subject to mileage limitations), while GAP covers the customer for the term of their finance contract. We recognize revenue, on a net basis, at the time of sale. We also record a reserve, or refund liability, for estimated contract cancellations.  The reserve for cancellations is evaluated for each product and is based on forecasted forward cancellation curves utilizing historical experience, recent trends and credit mix of the customer base.  Our risk related to contract cancellations is limited to the revenue that we receive.  Cancellations fluctuate depending on the volume of EPP sales, customer financing default or prepayment rates, and shifts in customer behavior, including those related to changes in the coverage or term of the product.  The current portion of estimated cancellation reserves is recognized as a component of accrued expenses and other current liabilities with the remaining amount recognized in other liabilities.  See Note 9 for additional information on cancellation reserves.
We are contractually entitled to receive profit-sharing revenues based on the performance of the ESPs administered by third parties. These revenues are a form of variable consideration included in EPP revenues to the extent that it is probable that it will not result in a significant revenue reversal. An estimate of the amount to which we expect to be entitled is determined upon satisfying the performance obligation of selling the ESP. This estimate is subject to various constraints; primarily, factors that are outside of the company’s influence or control. We have determined that these constraints generally preclude any profit-sharing revenues from being recognized before they are paid. As of February 29, 2024 and February 28, 2023, no current or long-term contract asset was recognized related to cumulative profit-sharing payments to which we expect to be entitled. The estimate of the amount to which we expect to be entitled is reassessed each reporting period and any changes are reflected in other sales and revenues on our consolidated statements of earnings and other assets on our consolidated balance sheets.
Third-Party Finance (Fees)/Income. Customers applying for financing who are not approved or are conditionally approved by CAF are generally evaluated by other third-party finance providers.  These providers generally either pay us or are paid a fixed, pre-negotiated fee per contract. We recognize these fees at the time of sale.
Advertising and Subscription Revenues. Advertising and subscription revenues consist of revenues earned by our Edmunds business. Advertising revenues are derived from advertising contracts with automotive manufacturers based on fixed fees per impression and fees for certain activities completed by customers on the manufacturers' websites. These fees are recognized in the period the impressions are delivered or certain activities occurred. Subscription revenues are derived from packages sold to automotive dealers that include car leads, inventory listings and enhanced placement in Edmunds' dealer locator and are recognized over the period that the services are made available to the dealers. Subscription revenues also include a digital marketing subscription service, which allows dealers to gain exposure on third party partner websites. Revenues for this service are recognized on a net basis.
Service Revenues. Service revenue consists of labor and parts income related to vehicle repair service, including repairs of vehicles covered under an ESP we sell or warranty program. Service revenue is recognized at the time the work is completed.
Other Revenues. Other revenues include miscellaneous goods and services, which are immaterial to our consolidated financial statements.
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CarMax Auto Finance
 12 Months Ended
Feb. 29, 2024
CarMax Auto Finance Income [Abstract]  
CarMax Auto Finance CARMAX AUTO FINANCE
CAF provides financing to qualified retail customers purchasing vehicles from CarMax.  CAF provides us the opportunity to capture additional profits, cash flows and sales while managing our reliance on third-party finance sources.  Management regularly analyzes CAF’s operating results by assessing profitability, the performance of the auto loans receivable, including trends in credit losses and delinquencies, and CAF direct expenses.  This information is used to assess CAF’s performance and make operating decisions, including resource allocation.
We typically use securitizations or other funding arrangements to fund loans originated by CAF, as discussed in Note 1(F).  CAF income primarily reflects the interest and fee income generated by the auto loans receivable less the interest expense associated with the debt issued to fund these receivables, a provision for estimated loan losses and direct CAF expenses.
CAF income does not include any allocation of indirect costs.  Although CAF benefits from certain indirect overhead expenditures, we have not allocated indirect costs to CAF to avoid making subjective allocation decisions.  Examples of indirect costs not allocated to CAF include retail store expenses and corporate expenses.  In addition, except for auto loans receivable, which are disclosed in Note 4, CAF assets are not separately reported nor do we allocate assets to CAF because such allocation would not be useful to management in making operating decisions.
Components of CAF Income
Years Ended February 29 or 28
(In millions)2024
% (1)
2023
% (1)
2022
% (1)
Interest margin:
Interest and fee income$1,677.4 9.7 $1,441.5 8.8 $1,296.8 8.7 
Interest expense(638.7)(3.7)(310.3)(1.9)(228.8)(1.5)
Total interest margin1,038.7 6.0 1,131.2 6.9 1,068.0 7.2 
Provision for loan losses(310.5)(1.8)(317.0)(1.9)(141.7)(0.9)
Total interest margin after provision for loan losses728.2 4.2 814.2 5.0 926.3 6.2 
Direct expenses:
Payroll and fringe benefit expense(66.5)(0.4)(62.8)(0.4)(50.5)(0.3)
Depreciation and amortization(16.5)(0.1)(15.5)(0.1)(6.6)— 
Other direct expenses(76.9)(0.4)(72.4)(0.4)(67.7)(0.5)
Total direct expenses(159.9)(0.9)(150.8)(0.9)(124.8)(0.8)
CarMax Auto Finance income$568.3 3.3 $663.4 4.1 $801.5 5.4 
Total average managed receivables$17,313.2 $16,304.3 $14,934.0 
 
 (1)    Percent of total average managed receivables.
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Auto Loan Receivables
 12 Months Ended
Feb. 29, 2024
Loans and Leases Receivable, Net Amount [Abstract]  
Auto Loan Receivables AUTO LOANS RECEIVABLE
Auto loans receivable include amounts due from customers related to retail vehicle sales financed through CAF and are presented net of an allowance for estimated loan losses.  These auto loans represent a large group of smaller-balance homogeneous loans, which we consider to be part of one class of financing receivable and one portfolio segment for purposes of determining our allowance for loan losses. We generally use warehouse facilities to fund auto loans receivable originated by CAF until we elect to fund them through an asset-backed term funding transaction, such as a term securitization or alternative funding arrangement. We recognize transfers of auto loans receivable into the warehouse facilities and asset-backed term funding transactions (together, “non-recourse funding vehicles”) as secured borrowings, which result in recording the auto loans receivable and the related non-recourse notes payable on our consolidated balance sheets. The majority of the auto loans receivable serve as collateral for the related non-recourse notes payable of $16.87 billion as of February 29, 2024, and $16.36 billion as of February 28, 2023. See Notes 1(F) and 12 for additional information on securitizations and non-recourse notes payable.
Interest income and expenses related to auto loans are included in CAF income. Interest income on auto loans receivable is recognized when earned based on contractual loan terms. All loans continue to accrue interest until repayment or charge-off. When a charge-off occurs, accrued interest is written off by reversing interest income. Direct costs associated with loan originations are not considered material, and thus, are expensed as incurred. See Note 3 for additional information on CAF income.
Auto Loans Receivable, Net
 As of February 29 or 28
(In millions)20242023
Asset-backed term funding $12,638.2 $12,242.8 
Warehouse facilities3,744.6 3,649.9 
Overcollateralization (1)
790.9 739.9 
Other managed receivables (2)
218.1 135.3 
Total ending managed receivables17,391.8 16,767.9 
Accrued interest and fees90.9 78.0 
Other11.9 3.1 
Less: allowance for loan losses(482.8)(507.2)
Auto loans receivable, net$17,011.8 $16,341.8 
 
(1)Represents receivables restricted as excess collateral for the non-recourse funding vehicles. 
(2)Other managed receivables includes receivables not funded through the non-recourse funding vehicles.
Credit Quality.  When customers apply for financing, CAF’s proprietary scoring models utilize the customers’ credit history and certain application information to evaluate and rank their risk.  We obtain credit histories and other credit data that includes information such as number, age, type of and payment history for prior or existing credit accounts.  The application information that is used includes income, collateral value and down payment.  The scoring models yield credit grades that represent the relative likelihood of repayment.  Customers with the highest probability of repayment are A-grade customers. Customers assigned a lower grade are determined to have a lower probability of repayment.  For loans that are approved, the credit grade influences the terms of the agreement, such as the required loan-to-value ratio and interest rate. After origination, credit grades are generally not updated.
CAF uses a combination of the initial credit grades and historical performance to monitor the credit quality of the auto loans receivable on an ongoing basis.  We validate the accuracy of the scoring models periodically.  Loan performance is reviewed on a recurring basis to identify whether the assigned grades adequately reflect the customers’ likelihood of repayment.
Ending Managed Receivables by Major Credit Grade
As of February 29, 2024
Fiscal Year of Origination (1)
(In millions)20242023202220212020Prior to 2020Total
% (2)
Core managed receivables (3):
A$3,922.7 $2,660.6 $1,635.1 $614.0 $268.7 $40.0 $9,141.1 52.6 
B2,370.8 1,738.8 1,225.9 493.3 233.4 61.3 6,123.5 35.2 
C and other344.1 498.6 400.3 192.2 86.6 26.9 1,548.7 8.9 
Total core managed receivables6,637.6 4,898.0 3,261.3 1,299.5 588.7 128.2 16,813.3 96.7 
Other managed receivables (4):
C and other299.0 176.3 72.6 9.3 12.1 9.2 578.5 3.3 
Total ending managed receivables$6,936.6 $5,074.3 $3,333.9 $1,308.8 $600.8 $137.4 $17,391.8 100.0 
Gross charge-offs$111.0 $248.6 $129.8 $41.0 $19.7 $11.4 $561.5 
As of February 28, 2023
Fiscal Year of Origination (1)
(In millions)20232022202120202019Prior to 2019Total
%  (2)
Core managed receivables (3):
A$3,890.9 $2,555.3 $1,112.0 $677.1 $218.3 $36.3 $8,489.9 50.6 
B2,497.5 1,839.9 816.2 488.9 215.1 56.0 5,913.6 35.3 
C and other732.7 609.5 314.5 169.3 74.1 25.6 1,925.7 11.5 
Total core managed receivables7,121.1 5,004.7 2,242.7 1,335.3 507.5 117.9 16,329.2 97.4 
Other managed receivables (4):
C and other272.0 112.5 15.0 21.1 13.2 4.9 438.7 2.6 
Total ending managed receivables$7,393.1 $5,117.2 $2,257.7 $1,356.4 $520.7 $122.8 $16,767.9 100.0 

(1)Classified based on credit grade assigned when customers were initially approved for financing.
(2)Percent of total ending managed receivables.
(3)Represents CAF’s Tier 1 originations.
(4)Represents CAF’s Tier 2 and Tier 3 originations.
 
Allowance for Loan Losses. The allowance for loan losses at February 29, 2024 represents the net credit losses expected over the remaining contractual life of our managed receivables. The allowance for loan losses is determined using a net loss timing curve method (“method”), primarily based on the composition of the portfolio of managed receivables and historical gross loss and recovery trends. Due to the fact that losses for receivables with less than 18 months of performance history can be volatile, our net loss estimate weights both historical losses by credit grade at origination and actual loss data on the receivables to-date, along with forward loss curves, in estimating future performance. Once the receivables have 18 months of performance history, the net loss estimate reflects actual loss experience of those receivables to date, along with forward loss curves, to predict future performance. The forward loss curves are constructed using historical performance data and show the average timing of losses over the course of a receivable’s life. The net loss estimate is calculated by applying the loss rates developed using the methods described above to the amortized cost basis of the managed receivables at inception of the loan.
The output of the method is adjusted to take into account reasonable and supportable forecasts about the future. Specifically, the change in U.S. unemployment rates and the National Automobile Dealers Association used vehicle price index are used to predict changes in gross loss and recovery rates, respectively. An economic adjustment factor, based upon a single macroeconomic scenario, is developed to capture the relationship between changes in these forecasts and changes in gross loss and recovery rates. This factor is applied to the output of the method for the reasonable and supportable forecast period of two years. After the end of this two-year period, we revert to historical experience on a straight-line basis over a period of 12 months. We periodically consider whether the use of alternative metrics would result in improved model performance and revise the models when appropriate. We also consider whether qualitative adjustments are necessary for factors that are not reflected in the quantitative methods but impact the measurement of estimated credit losses. Such adjustments include the uncertainty of the impacts of recent economic trends on customer behavior. The change in the allowance for loan losses is recognized through an adjustment to the provision for loan losses.
Allowance for Loan Losses
 As of February 29, 2024
(In millions)CoreOtherTotal
%  (1)
Balance as of beginning of year$401.5 $105.7 $507.2 3.02 
Charge-offs(471.6)(89.9)(561.5) 
Recoveries (2)
197.3 29.3 226.6  
Provision for loan losses262.5 48.0 310.5  
Balance as of end of year$389.7 $93.1 $482.8 2.78 
 
 As of February 28, 2023
(In millions)CoreOtherTotal
%  (1)
Balance as of beginning of year$377.5 $55.5 $433.0 2.77 
Charge-offs(348.1)(54.4)(402.5)
Recoveries (2)
142.5 17.2 159.7 
Provision for loan losses229.6 87.4 317.0 
Balance as of end of year$401.5 $105.7 $507.2 3.02 

(1)Percent of total ending managed receivables.
(2)Net of costs incurred to recover vehicle.
During fiscal 2024, the allowance for loan losses as a percent of total ending managed receivables decreased by 24 basis points. The decrease was primarily driven by the impact of our tightened underwriting standards in response to the current environment, partially offset by unfavorable loss performance as well as our continued investment in the Tier 2 business. The increase in net charge-offs primarily reflects continued customer hardship in the current economic environment. The allowance for loan losses as of February 29, 2024 reflects our best estimate of expected future losses based on recent trends in delinquencies, loss performance, recovery rates and the economic environment.
Past Due Receivables. An account is considered delinquent when the related customer fails to make a substantial portion of a scheduled payment on or before the due date. In general, accounts are charged-off on the last business day of the month during which the earliest of the following occurs: the receivable is 120 days or more delinquent as of the last business day of the month, the related vehicle is repossessed and liquidated, or the receivable is otherwise deemed uncollectable. For purposes of determining impairment, auto loans are evaluated collectively, as they represent a large group of smaller-balance homogeneous loans, and therefore, are not individually evaluated for impairment.
Past Due Receivables
As of February 29, 2024
Core ReceivablesOther ReceivablesTotal
(In millions)ABC & OtherTotalC & Other$
%  (1)
Current$9,088.1 $5,666.3 $1,243.7 $15,998.1 $447.1 $16,445.2 94.56 
Delinquent loans:
31-60 days past due32.1 271.3 162.9 466.3 68.1 534.4 3.07 
61-90 days past due15.1 149.4 118.5 283.0 53.0 336.0 1.93 
Greater than 90 days past due5.8 36.5 23.6 65.9 10.3 76.2 0.44 
Total past due53.0 457.2 305.0 815.2 131.4 946.6 5.44 
Total ending managed receivables$9,141.1 $6,123.5 $1,548.7 $16,813.3 $578.5 $17,391.8 100.00 

As of February 28, 2023
Core ReceivablesOther ReceivablesTotal
(In millions)ABC & OtherTotalC & Other$
%  (1)
Current$8,450.3 $5,540.2 $1,612.3 $15,602.8 $327.6 $15,930.4 95.00 
Delinquent loans:
31-60 days past due25.1 225.7 175.4 426.2 60.6 486.8 2.90 
61-90 days past due10.6 120.0 114.5 245.1 42.1 287.2 1.71 
Greater than 90 days past due3.9 27.7 23.5 55.1 8.4 63.5 0.39 
Total past due39.6 373.4 313.4 726.4 111.1 837.5 5.00 
Total ending managed receivables$8,489.9 $5,913.6 $1,925.7 $16,329.2 $438.7 $16,767.9 100.00 

(1)Percent of total ending managed receivables.
v3.24.1.u1
Derivative Instruments And Hedging Activities
 12 Months Ended
Feb. 29, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments And Hedging Activities DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
We use derivatives to manage certain risks arising from both our business operations and economic conditions, particularly with regard to issuances of debt.  Primary exposures include SOFR and other rates used as benchmarks in our securitizations and other debt financing.  We enter into derivative instruments to manage exposures related to the future known receipt or payment of uncertain cash amounts, the values of which are impacted by interest rates, and generally designate these derivative instruments as cash flow hedges for accounting purposes.  In certain cases, we may choose not to designate a derivative instrument as a cash flow hedge for accounting purposes due to uncertainty around the probability that future hedged transactions will occur. Our derivative instruments are used to manage (i) differences in the amount of our known or expected cash receipts and our known or expected cash payments principally related to the funding of our auto loans receivable, and (ii) exposure to variable interest rates associated with our term loans.
For the derivatives associated with our non-recourse funding vehicles that are designated as cash flow hedges, the changes in fair value are initially recorded in accumulated other comprehensive income (“AOCI”).  For the majority of these derivatives, the amounts are subsequently reclassified into CAF income in the period that the hedged forecasted transaction affects earnings, which occurs as interest expense is recognized on those future issuances of debt. During the next 12 months, we estimate that an additional $48.5 million will be reclassified from AOCI as an increase to CAF income. Changes in fair value related to derivatives that have not been designated as cash flow hedges for accounting purposes are recognized in the income statement in the period in which the change occurs. For the years ended February 29, 2024 and February 28, 2023, we recognized expense of $20.8 million and income of $24.5 million, respectively, in CAF income representing these changes in fair value.
As of February 29, 2024 and February 28, 2023, we had interest rate swaps outstanding with a combined notional amount of $5.21 billion and $4.49 billion, respectively, that were designated as cash flow hedges of interest rate risk. As of February 29, 2024 and February 28, 2023, we had interest rate swaps with a combined notional amount of $0.70 billion and $1.14 billion, respectively, outstanding that were not designated as cash flow hedges for accounting purposes.
See Note 6 for discussion of fair values of financial instruments and Note 15 for the effect on comprehensive income.
v3.24.1.u1
Fair Value Measurements
 12 Months Ended
Feb. 29, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements FAIR VALUE MEASUREMENTS
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the principal market or, if none exists, the most advantageous market, for the specific asset or liability at the measurement date (referred to as the “exit price”).  The fair value should be based on assumptions that market participants would use, including a consideration of nonperformance risk.
We assess the inputs used to measure fair value using the three-tier hierarchy.  The hierarchy indicates the extent to which inputs used in measuring fair value are observable in the market.
Level 1     Inputs include unadjusted quoted prices in active markets for identical assets or liabilities that we can access at the measurement date.

Level 2     Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets in active markets, quoted prices from identical or similar assets in inactive markets, observable inputs, such as interest rates and yield curves, and assumptions about risk.

Level 3     Inputs that are significant to the measurement that are not observable in the market and include management’s judgments about the assumptions market participants would use in pricing the asset or liability (including assumptions about risk).

Our fair value processes include controls that are designed to ensure that fair values are appropriate.  Such controls include model validation, review of key model inputs, analysis of period-over-period fluctuations and reviews by senior management.
Valuation Methodologies
Money Market Securities.  Money market securities are cash equivalents, which are included in cash and cash equivalents, restricted cash from collections on auto loans receivable and other assets. They consist of highly liquid investments with original maturities of three months or less and are classified as Level 1. 
Mutual Fund Investments.  Mutual fund investments consist of publicly traded mutual funds that primarily include diversified equity investments in large-, mid- and small-cap domestic and international companies or investment grade debt securities.  The
investments, which are included in other assets, are held in a rabbi trust established to fund informally our executive deferred compensation plan and are classified as Level 1.
Derivative Instruments.  The fair values of our derivative instruments are included in either other current assets, other assets, accounts payable or other liabilities.  Our derivatives are not exchange-traded and are over-the-counter customized derivative instruments.  All of our derivative exposures are with highly rated bank counterparties.
We measure derivative fair values assuming that the unit of account is an individual derivative instrument and that derivatives are sold or transferred on a stand-alone basis.  We estimate the fair value of our derivatives using quotes determined by the derivative counterparties and third-party valuation services.  Quotes from third-party valuation services and quotes received from bank counterparties project future cash flows and discount the future amounts to a present value using market-based expectations for interest rates and the contractual terms of the derivative instruments.  The models do not require significant judgment and model inputs can typically be observed in a liquid market; however, because the models include inputs other than quoted prices in active markets, all derivatives are classified as Level 2.
Our derivative fair value measurements consider assumptions about counterparty and our own nonperformance risk.  We monitor counterparty and our own nonperformance risk and, in the event that we determine that a party is unlikely to perform under terms of the contract, we would adjust the derivative fair value to reflect the nonperformance risk.
Items Measured at Fair Value on a Recurring Basis
 As of February 29, 2024
(In thousands)Level 1Level 2Total
Assets:   
Money market securities$1,164,270 $— $1,164,270 
Mutual fund investments24,312 — 24,312 
Derivative instruments designated as hedges— 45,761 45,761 
Derivative instruments not designated as hedges— 13,064 13,064 
Total assets at fair value$1,188,582 $58,825 $1,247,407 
Percent of total assets at fair value95.3 %4.7 %100.0 %
Percent of total assets4.4 %0.2 %4.6 %
Liabilities:   
Derivative instruments designated as hedges$— $(2,302)$(2,302)
Total liabilities at fair value$— $(2,302)$(2,302)
Percent of total liabilities— %— %— %
 
 As of February 28, 2023
(In thousands)Level 1Level 2Total
Assets:   
Money market securities$865,943 $— $865,943 
Mutual fund investments22,671 — 22,671 
Derivative instruments designated as hedges— 97,328 97,328 
Derivative instruments not designated as hedges— 33,870 33,870 
Total assets at fair value$888,614 $131,198 $1,019,812 
Percent of total assets at fair value87.1 %12.9 %100.0 %
Percent of total assets3.4 %0.5 %3.9 %
Liabilities:   
Total liabilities at fair value$— $— $— 
Percent of total liabilities— %— %— %
Fair Value of Financial Instruments
The carrying value of our cash and cash equivalents, accounts receivable, other restricted cash deposits and accounts payable approximates fair value due to the short-term nature and/or variable rates associated with these financial instruments. Auto loans receivable are presented net of an allowance for estimated loan losses, which we believe approximates fair value. We believe that the carrying value of our revolving credit facility and term loans approximates fair value due to the variable rates associated with these obligations. The fair value of our senior unsecured notes, which are not carried at fair value on our consolidated balance sheets, was determined using Level 2 inputs based on quoted market prices. The carrying value and fair value of the senior unsecured notes as of February 29, 2024 and February 28, 2023, respectively, are as follows:
(In thousands)As of February 29, 2024As of February 28, 2023
Carrying value$400,000 $500,000 
Fair value$380,249 $473,749 
v3.24.1.u1
Property And Equipment
 12 Months Ended
Feb. 29, 2024
Property, Plant and Equipment [Abstract]  
Property And Equipment PROPERTY AND EQUIPMENT
 As of February 29 or 28
(In thousands)20242023
Land$990,225 $947,734 
Land held for development (1)
193,923 62,770 
Buildings2,612,746 2,454,937 
Leasehold improvements361,850 356,974 
Furniture, fixtures and equipment586,813 559,927 
Construction in progress117,352 156,925 
Software385,867 314,454 
Finance leases230,537 192,117
Total property and equipment5,479,313 5,045,838 
Less: accumulated depreciation and amortization(1,813,783)(1,614,924)
Property and equipment, net$3,665,530 $3,430,914 
 
 (1)    Land held for development represents land owned for potential location growth.

Depreciation expense was $261.4 million in fiscal 2024, $244.4 million in fiscal 2023 and $215.3 million in fiscal 2022.
v3.24.1.u1
Intangible Assets, Goodwill and Other
 12 Months Ended
Feb. 29, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Disclosure GOODWILL AND INTANGIBLE ASSETS
Goodwill
We test goodwill for impairment annually as of December 1, or whenever events or circumstances indicate that the carrying value may not be recoverable. Goodwill is tested for impairment at the reporting unit level, which are determined in accordance with the provisions of ASC 350, Intangibles – Goodwill and Other. The goodwill acquired as part of the Edmunds acquisition was allocated to two of our reporting units – CarMax Sales Operations and Edmunds – with carrying values of $98.9 million and $42.4 million, respectively. No impairment was recognized in fiscal 2024 or fiscal 2023.

Intangibles
As of February 29, 2024
Gross CarryingAccumulatedNet
(In thousands)AmountAmortizationAmount
Intangible assets not subject to amortization:
Trade name$31,900 $— $31,900 
Intangible assets subject to amortization:
Internally developed software52,900 (20,782)32,118 
Customer relationships133,200 (21,547)111,653 
Total intangible assets$218,000 $(42,329)$175,671 
As of February 28, 2023
Gross CarryingAccumulatedNet
AmountAmortizationAmount
Intangible assets not subject to amortization:
Trade name$31,900 $— $31,900 
Intangible assets subject to amortization:
Internally developed software52,900 (13,225)39,675 
Customer relationships133,200 (13,712)119,488 
Total intangible assets$218,000 $(26,937)$191,063 

The intangible assets above relate to the acquisition of Edmunds on June 1, 2021.
Amortization expense of intangible assets was $15.4 million in both fiscal 2024 and fiscal 2023.
We estimate that amortization expense related to intangible assets will be $15.4 million in each of the next four fiscal years and $9.7 million in the subsequent fiscal year.
v3.24.1.u1
Cancellation Reserves
 12 Months Ended
Feb. 29, 2024
Cancellation Reserves [Abstract]  
Cancellation Reserves CANCELLATION RESERVES
We recognize revenue for EPP products, on a net basis, at the time of sale. We also record a reserve, or refund liability, for estimated contract cancellations.  Cancellations of these services may result from early termination by the customer, or default or prepayment on the finance contract.  The reserve for cancellations is evaluated for each product and is based on forecasted forward cancellation curves utilizing historical experience, recent trends and credit mix of the customer base. 
Cancellation Reserves
 As of February 29 or 28
(In millions)20242023
Balance as of beginning of year$139.2 $144.7 
Cancellations(91.2)(103.6)
Provision for future cancellations80.3 98.1 
Balance as of end of year$128.3 $139.2 

The current portion of estimated cancellation reserves is recognized as a component of accrued expenses and other current liabilities with the remaining amount recognized in other liabilities. As of February 29, 2024 and February 28, 2023, the current portion of cancellation reserves was $69.7 million and $76.1 million, respectively.
v3.24.1.u1
Income Taxes
 12 Months Ended
Feb. 29, 2024
Income Tax Disclosure [Abstract]  
Income Taxes INCOME TAXES
Income Tax Provision
 Years Ended February 29 or 28
(In thousands)202420232022
Current:   
Federal$140,480 $128,994 $264,194 
State26,711 29,598 61,855 
Total167,191 158,592 326,049 
Deferred:   
Federal(6,542)(1,118)10,560 
State1,742 (5,432)4,440 
Total(4,800)(6,550)15,000 
Income tax provision$162,391 $152,042 $341,049 
 
Effective Income Tax Rate Reconciliation
 Years Ended February 29 or 28
 202420232022
Federal statutory income tax rate21.0 %21.0 %21.0 %
State and local income taxes, net of federal benefit3.9 3.4 3.7 
Share-based compensation0.2 — (1.8)
Nondeductible and other items1.7 1.5 0.7 
Credits(1.5)(2.0)(0.7)
Effective income tax rate25.3 %23.9 %22.9 %

Temporary Differences Resulting in Deferred Tax Assets and Liabilities
 As of February 29 or 28
(In thousands)20242023
Deferred tax assets:  
Accrued expenses and other$93,690 $102,611 
Allowance for loan losses117,618 123,636 
Prepaid expenses2,902 3,484 
Net operating loss carryforwards and other tax attributes29,670 35,184 
Operating lease liabilities139,124 146,006 
Share-based compensation43,689 37,165 
Capital loss carry forward701 847 
Total deferred tax assets427,394 448,933 
Less:  valuation allowance(701)(1,305)
Total deferred tax assets after valuation allowance426,693 447,628 
Deferred tax liabilities:  
Intangibles43,060 47,072 
Property and equipment101,796 113,015 
Operating lease assets130,181 137,617 
Inventory18,933 14,512 
Derivatives33,933 54,672 
Total deferred tax liabilities327,903 366,888 
Net deferred tax asset$98,790 $80,740 

As of the fiscal year ended February 29, 2024, CarMax’s net operating loss carryforwards and other tax attributes include a deferred tax asset of $0.9 million related to U.S. federal net operating loss carryforwards that have no expiration; a deferred tax asset of $12.6 million related to U.S. federal tax credit carryforwards, which expire between 2024 and 2041; a deferred tax asset of $3.0 million, related to state net operating loss carryforwards, which generally expire between 2024 and 2038; and a deferred tax asset of $12.5 million related to state tax credit carryforwards that have no expiration.
Except for amounts for which a valuation allowance has been provided, we believe it is more likely than not that the results of future operations and the reversals of existing deferred taxable temporary differences will generate sufficient taxable income to realize the deferred tax assets.  The valuation allowance as of February 29, 2024 relates to capital loss carryforwards that are not more likely than not to be utilized prior to their expiration.
Reconciliation of Unrecognized Tax Benefits
 Years Ended February 29 or 28
(In thousands)202420232022
Balance at beginning of year$27,092 $24,765 $28,997 
Increases for tax positions of prior years397 114 432 
Decreases for tax positions of prior years(172)(19)(5,056)
Increases based on tax positions related to the current year3,627 3,813 2,657 
Settlements(386)(79)(391)
Lapse of statute(1,741)(1,502)(1,874)
Balance at end of year$28,817 $27,092 $24,765 

As of February 29, 2024, we had $28.8 million of gross unrecognized tax benefits, $12.1 million of which, if recognized, would affect our effective tax rate.  Within the next 12 months it is reasonably possible that statutes will expire, and the previously unrecognized tax benefit related to the prepayment of services provided by related entities will be recognized. Recognition of this benefit will decrease the gross unrecognized tax benefit by approximately $14.0 million and would not materially impact our effective tax rate. Additionally, it is reasonably possible that other unrecognized tax benefits will increase or decrease during the next 12 months. As of February 28, 2023, we had $27.1 million of gross unrecognized tax benefits, $10.6 million of which, if recognized, would affect our effective tax rate.  As of February 28, 2022, we had $24.8 million of gross unrecognized tax benefits, $8.5 million of which, if recognized, would affect our effective tax rate.
Our continuing practice is to recognize interest and penalties related to income tax matters in SG&A expenses.  Our accrual for interest and penalties was $5.3 million, $4.0 million and $3.4 million as of February 29, 2024, February 28, 2023 and February 28, 2022, respectively.
The Inflation Reduction Act of 2022 included a 15% corporate alternative minimum tax (“CAMT”) on adjusted financial statement income (“AFSI”) of corporations with average AFSI exceeding $1 billion over a three-year period. The CAMT is effective for tax periods beginning with fiscal 2024; however, we do not expect to have a CAMT liability.
CarMax is subject to U.S. federal income tax as well as income tax of multiple states and local jurisdictions.  With a few insignificant exceptions, we are no longer subject to U.S. federal, state and local income tax examinations by tax authorities for years prior to fiscal 2020.
v3.24.1.u1
Benefit Plans
 12 Months Ended
Feb. 29, 2024
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]  
Benefit Plans BENEFIT PLANS
(A)Retirement Benefit Plans
We have two frozen noncontributory defined benefit plans: our pension plan (the “pension plan”) and our unfunded, nonqualified plan (the “restoration plan”), which restores retirement benefits for certain associates who are affected by Internal Revenue Code limitations on benefits provided under the pension plan. No additional benefits have accrued under these plans since they were frozen; however, we have a continuing obligation to fund the pension plan and will continue to recognize net periodic pension expense for both plans for benefits earned prior to being frozen. We use a fiscal year end measurement date for both the pension plan and the restoration plan.
Benefit Plan Information
 As of February 29 or 28
 Pension PlanRestoration PlanTotal
(In thousands)202420232024202320242023
Plan assets$202,382 $190,007 $— $— $202,382 $190,007 
Projected benefit obligation208,200 209,298 8,677 9,043 216,877 218,341 
Funded status recognized$(5,818)$(19,291)$(8,677)$(9,043)$(14,495)$(28,334)
Amounts recognized in the consolidated balance sheets:     
Current liability$— $— $(645)$(639)$(645)$(639)
Noncurrent liability(5,818)(19,291)(8,032)(8,404)(13,850)(27,695)
Net amount recognized$(5,818)$(19,291)$(8,677)$(9,043)$(14,495)$(28,334)
 
Pension PlanRestoration PlanTotal
(In thousands)202420232022202420232022202420232022
Total net pension (benefit) expense
$(3,842)$(3,443)$(2,493)$452 $429 $425 $(3,390)$(3,014)$(2,068)
Total net actuarial gain(1)
$(9,114)$(33,110)$(21,941)$(175)$(1,726)$(576)$(9,289)$(34,836)$(22,517)
 
(1)     Changes recognized in Accumulated Other Comprehensive Income.
 
The projected benefit obligation (“PBO”) will change primarily due to interest cost and total net actuarial (gain) loss, and plan assets will change primarily as a result of the actual return on plan assets. Benefit payments, which reduce the PBO and plan assets, were not material in fiscal 2024 or 2023. There were no employer contributions in fiscal 2024 and 2023. The net actuarial gain in a fiscal year is recognized in accumulated other comprehensive income and may later be recognized as a component of future pension expense. In fiscal 2025, we anticipate that $0.4 million in estimated actuarial losses of the pension plan will be amortized from accumulated other comprehensive income.  Estimated actuarial losses to be amortized from accumulated other comprehensive income for the restoration plan are not expected to be significant. 
Benefit Obligations.  The accumulated benefit obligation (“ABO”) and PBO represent the obligations of the benefit plans for past service as of the measurement date. ABO is the present value of benefits earned to date with benefits computed based on current service and compensation levels. PBO is ABO increased to reflect expected future service and increased compensation levels. As a result of the freeze of plan benefits under our pension and restoration plans, the ABO and PBO balances are equal to one another at all subsequent dates.
Funding Policy.  For the pension plan, we contribute amounts sufficient to meet minimum funding requirements as set forth in the employee benefit and tax laws, plus any additional amounts as we may determine to be appropriate. We expect to make $0.3 million in contributions to the pension plan in fiscal 2025. We expect the pension plan to make benefit payments of approximately $7.5 million for each of the next three fiscal years, and $8.8 million for each of the subsequent two fiscal years. For the non-funded restoration plan, we contribute an amount equal to the benefit payments, which we expect to be approximately $0.6 million for each of the next five fiscal years.
Assumptions Used to Determine Benefit Obligations
 As of February 29 or 28
 Pension PlanRestoration Plan
 2024202320242023
Discount rate5.35 %5.20 %5.35 %5.20 %
 
Assumptions Used to Determine Net Pension Expense
 As of February 29 or 28
 Pension PlanRestoration Plan
 202420232022202420232022
Discount rate5.20 %3.45 %2.95 %5.20 %3.45 %2.95 %
Expected rate of return on plan assets7.25 %7.50 %7.50 %— %— %— %

Assumptions.  Underlying both the calculation of the PBO and the net pension expense are actuarial calculations of each plan’s liability. These calculations use participant-specific information such as salary, age and years of service, as well as certain assumptions, the most significant being the discount rate, rate of return on plan assets and mortality rate. We evaluate these assumptions at least once a year and make changes as necessary.
The discount rate used for retirement benefit plan accounting reflects the yields available on high-quality, fixed income debt instruments. For our plans, we review high quality corporate bond indices in addition to a hypothetical portfolio of corporate bonds with maturities that approximate the expected timing of the anticipated benefit payments.
To determine the expected long-term return on plan assets, we consider the current and anticipated asset allocations, as well as historical and estimated returns on various categories of plan assets. We apply the estimated rate of return to a market-related value of assets, which reduces the underlying variability in the asset values. The use of expected long-term rates of return on pension plan assets could result in recognized asset returns that are greater or less than the actual returns of those pension plan assets in any given year. Over time, however, the expected long-term returns are anticipated to approximate the actual long-term returns, and therefore, result in a pattern of income and expense recognition that more closely matches the pattern of the services provided by the employees. Differences between actual and expected returns, which are a component of unrecognized actuarial gains/losses, are recognized over the average life expectancy of all plan participants.
Fair Value of Plan Assets
 As of February 29 or 28
(In thousands)20242023
Mutual funds (Level 1):  
Equity securities – international
$13,900 $17,578 
Collective funds (NAV):  
Short-term investments
1,676 1,856 
Equity securities
67,602 86,010 
Fixed income securities
119,204 84,557 
Interest receivable— 6 
Total$202,382 $190,007 

Plan Assets.  Our pension plan assets are held in trust and a fiduciary committee sets the investment policies and strategies.  Long-term strategic investment objectives include achieving reasonable returns while prudently balancing risk and return, and controlling costs.  We currently target allocating approximately 40% of plan assets to equity and equity-related instruments and approximately 60% to fixed income securities. In fiscal 2023, we targeted allocating 55% of the plan assets to equity and equity-related instruments and 45% to fixed income securities and, prior to fiscal 2023, we targeted allocating approximately 75% of the plan assets to equity and equity-related instruments and approximately 25% to fixed income securities. Equity securities are currently composed of both collective funds and mutual funds that include highly diversified investments in large-, mid- and small-cap companies located in the United States and internationally. The fixed income securities are currently composed of collective funds that include investments in debt securities, corporate bonds, mortgage-backed securities and other debt obligations primarily in the United States. We do not expect any plan assets to be returned to us during fiscal 2025.
The fair values of the plan’s assets are provided by the plan’s trustee and the investment managers. Within the fair value hierarchy (see Note 6), the mutual funds are classified as Level 1 as quoted active market prices for identical assets are used to measure fair value. The collective funds are public investment vehicles valued using a net asset value (“NAV”) and, therefore, are outside of the fair value hierarchy. The collective funds may be liquidated with minimal restrictions. 
(B)Retirement Savings 401(k) Plan
We sponsor a 401(k) plan for all associates meeting certain eligibility criteria.  The plan contains a company matching contribution as well as an additional discretionary company-funded contribution to those associates meeting certain age and service requirements.  The total cost for company contributions was $68.1 million in fiscal 2024, $64.0 million in fiscal 2023 and $63.8 million in fiscal 2022.
(C)Retirement Restoration Plan
We sponsor a non-qualified retirement plan for certain senior executives who are affected by Internal Revenue Code limitations on benefits provided under the Retirement Savings 401(k) Plan.  Under this plan, these associates may continue to defer portions of their compensation for retirement savings.  We match the associates’ contributions at the same rate provided under the 401(k) plan, and also may provide an annual discretionary company-funded contribution under the same terms of the 401(k) plan.  This plan is unfunded with lump sum payments to be made upon the associate’s retirement.  The total cost for this plan was not significant in fiscal 2024, fiscal 2023 and fiscal 2022.
(D)Executive Deferred Compensation Plan
We sponsor an unfunded nonqualified deferred compensation plan to permit certain eligible associates to defer receipt of a portion of their compensation to a future date.  This plan also includes a restorative company contribution designed to compensate the plan participants for any loss of company contributions under the Retirement Savings 401(k) Plan and the
Retirement Restoration Plan due to a reduction in their eligible compensation resulting from deferrals into the Executive Deferred Compensation Plan.  The total cost for this plan was not significant in fiscal 2024, fiscal 2023 and fiscal 2022.
v3.24.1.u1
Debt
 12 Months Ended
Feb. 29, 2024
Debt Disclosure [Abstract]  
Debt Disclosure [Text Block] DEBT
(In thousands)As of February 29 or 28
Debt Description (1)
Maturity Date20242023
Revolving credit facility (2)
June 2028$— $— 
Term loan (2)
June 2024300,000 300,000 
Term loan (2)
October 2026699,633 699,493 
3.86% Senior notesApril 2023— 100,000 
4.17% Senior notes April 2026200,000 200,000 
4.27% Senior notesApril 2028200,000 200,000 
Financing obligationsVarious dates through February 2059516,544 522,526 
Non-recourse notes payableVarious dates through December 203016,866,972 16,360,092 
Total debt18,783,149 18,382,111 
Less: current portion(797,449)(579,468)
Less: unamortized debt issuance costs(26,044)(27,506)
Long-term debt, net $17,959,656 $17,775,137 

 (1)    Interest is payable monthly, with the exception of our senior notes, which are payable semi-annually.
 (2)    Borrowings accrue interest at variable rates based on SOFR, the federal funds rate, or the prime rate, depending on the type of borrowing.

Revolving Credit Facility. Borrowings under our $2.00 billion unsecured revolving credit facility (the “credit facility”) are available for working capital and general corporate purposes.  We pay a commitment fee on the unused portions of the available funds.  Borrowings under the credit facility are either due “on demand” or at maturity depending on the type of borrowing.  Borrowings with “on demand” repayment terms are presented as short-term debt while amounts due at maturity are presented as long-term debt.  As of February 29, 2024, the unused capacity of $2.00 billion was fully available to us.
The weighted average interest rate on outstanding short-term and long-term debt was 3.99% in fiscal 2024, 2.87% in fiscal 2023 and 1.97% in fiscal 2022.
Term Loans.  Borrowings under our $300 million and $700 million term loans are available for working capital and general corporate purposes. The interest rate on our term loans was 6.31% in fiscal 2024, 5.47% in fiscal 2023 and 1.01% in fiscal 2022. The $300 million term loan matures in June 2024 and was therefore classified as current. The $700 million term loan was classified as long-term debt as no repayments are scheduled to be made within the next 12 months.

Senior Notes.  The 3.86% senior notes matured during the first quarter of fiscal 2024. Borrowings under our unsecured senior notes totaling $400 million are available for working capital and general corporate purposes. As of February 29, 2024, all notes were classified as long-term as no repayments are scheduled to be made within the next 12 months.
Financing Obligations.  Financing obligations relate to stores subject to sale-leaseback transactions that do not qualify for sale accounting.  The financing obligations were structured at varying interest rates and generally have initial lease terms ranging from 15 to 20 years with payments made monthly.  We have not entered into any new sale-leaseback transactions since fiscal 2009.  In the event the agreements are modified or extended beyond their original term, the related obligation is adjusted based on the present value of the revised future payments, with a corresponding change to the assets subject to these transactions. Upon modification, the amortization of the obligation is reset, resulting in more of the payments being applied to interest expense in the initial years following the modification.
Future maturities of financing obligations were as follows:
(In thousands)As of February 29, 2024
Fiscal 2025$55,315 
Fiscal 202660,223 
Fiscal 202750,872 
Fiscal 202850,464 
Fiscal 202952,277 
Thereafter716,725 
Total payments985,876 
Less: interest(469,332)
Present value of financing obligations$516,544 

Non-Recourse Notes Payable.  The non-recourse notes payable relate to auto loans receivable funded through non-recourse funding vehicles.  The timing of principal payments on the non-recourse notes payable is based on the timing of principal collections and defaults on the related auto loans receivable.  The current portion of non-recourse notes payable represents principal payments that are due to be distributed in the following period.
Notes payable related to our asset-backed term funding transactions accrue interest predominantly at fixed rates and have scheduled maturities through December 2030, but may mature earlier, depending upon the repayment rate of the underlying auto loans receivable.
Information on our funding vehicles of non-recourse notes payable as of February 29, 2024 are as follows:
(In billions)Capacity
Warehouse facilities:
March 2024 expiration$2.80 
August 2024 expiration2.30 
December 2024 expiration0.70 
Combined warehouse facility limit$5.80 
Unused capacity$2.06 
Non-recourse notes payable outstanding:
Warehouse facilities$3.74 
Asset-backed term funding transactions13.13 
Non-recourse notes payable$16.87 

We generally enter into warehouse facility agreements for one-year terms and typically renew the agreements annually. In March 2024, we extended the $2.8 billion facility with an expiration date of March 2025 and increased the capacity by $300 million to $3.1 billion. The return requirements of warehouse facility investors could fluctuate significantly depending on market conditions.  At renewal, the cost, structure and capacity of the facilities could change. These changes could have a significant impact on our funding costs.
See Notes 1(F) and 4 for additional information on the related auto loans receivable.
Capitalized Interest.  We capitalize interest in connection with the construction of certain facilities. For fiscal 2024, fiscal 2023 and fiscal 2022, we capitalized interest of $6.2 million, $5.6 million, and $5.9 million, respectively.
Financial Covenants.  The credit facility, term loans and senior note agreements contain representations and warranties, conditions and covenants.  We must also meet financial covenants in conjunction with certain financing obligations.  The agreements governing our non-recourse funding vehicles contain representations and warranties, as well as financial covenants
and performance triggers related to events of default.  As of February 29, 2024, we were in compliance with these financial covenants and our non-recourse funding vehicles were in compliance with these performance triggers.
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Net Earnings Per Share
 12 Months Ended
Feb. 29, 2024
Earnings Per Share [Abstract]  
Net Earnings Per Share NET EARNINGS PER SHARE
 
Basic and Dilutive Net Earnings Per Share Reconciliations
 Years Ended February 29 or 28
(In thousands except per share data)202420232022
Net earnings$479,204 $484,762 $1,151,297 
Weighted average common shares outstanding158,216 158,800 162,410 
Dilutive potential common shares:   
Stock options272 688 2,268 
Stock-settled restricted stock units219 283 498 
Weighted average common shares and dilutive   
potential common shares158,707 159,771 165,176 
Basic net earnings per share$3.03 $3.05 $7.09 
Diluted net earnings per share$3.02 $3.03 $6.97 
 
Certain options to purchase shares of common stock were outstanding and not included in the calculation of diluted net earnings per share because their inclusion would have been antidilutive.  On a weighted average basis, for fiscal 2024, fiscal 2023 and fiscal 2022, options to purchase 5,791,423 shares, 2,217,957 shares and 750,516 shares of common stock, respectively, were not included.
v3.24.1.u1
Accumulated Other Comprehensive Loss
 12 Months Ended
Feb. 29, 2024
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]  
Accumulated Other Comprehensive Loss ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
Changes in Accumulated Other Comprehensive Income (Loss) By Component
   Total
 NetNetAccumulated
 UnrecognizedUnrecognizedOther
 ActuarialHedge GainsComprehensive
(In thousands, net of income taxes)Losses(Losses)Income (Loss)
Balance as of February 28, 2021$(92,662)$(26,029)$(118,691)
Other comprehensive income before reclassifications17,034 40,211 57,245 
Amounts reclassified from accumulated other   
comprehensive income (loss)2,627 12,397 15,024 
Other comprehensive income19,661 52,608 72,269 
Balance as of February 28, 2022(73,001)26,579 (46,422)
Other comprehensive income before reclassifications26,477 136,192 162,669 
Amounts reclassified from accumulated other
comprehensive income (loss)1,934 (20,312)(18,378)
Other comprehensive income28,411 115,880 144,291 
Balance as of February 28, 2023(44,590)142,459 97,869 
Other comprehensive income (loss) before reclassifications7,081 (6,943)143 
Amounts reclassified from accumulated other   
comprehensive income (loss)393 (39,121)(38,733)
Other comprehensive income (loss)7,474 (46,064)(38,590)
Balance as of February 29, 2024$(37,116)$96,395 $59,279 
Changes In and Reclassifications Out of Accumulated Other Comprehensive Income (Loss)
 
 Years Ended February 29 or 28
(In thousands)202420232022
Retirement Benefit Plans (Note 11):   
Actuarial gain arising during the year$9,289 $34,836 $22,517 
Tax expense(2,208)(8,359)(5,483)
Actuarial gain arising during the year, net of tax7,081 26,477 17,034 
Actuarial loss amortization reclassifications recognized in net pension expense:   
Cost of sales231 1,084 1,451 
CarMax Auto Finance income15 70 84 
Selling, general and administrative expenses270 1,391 1,938 
Total amortization reclassifications recognized in net pension expense516 2,545 3,473 
Tax expense(123)(611)(846)
Amortization reclassifications recognized in net   
pension expense, net of tax393 1,934 2,627 
Net change in retirement benefit plan unrecognized   
actuarial losses, net of tax7,474 28,411 19,661 
Cash Flow Hedges (Note 5):   
Changes in fair value(9,291)180,510 54,105 
Tax benefit (expense)2,348 (44,318)(13,894)
Changes in fair value, net of tax(6,943)136,192 40,211 
Reclassifications to CarMax Auto Finance income(52,354)(26,859)16,680 
Tax benefit (expense)13,233 6,547 (4,283)
Reclassification of hedge (gains) losses, net of tax(39,121)(20,312)12,397 
Net change in cash flow hedge unrecognized gains, net of tax(46,064)115,880 52,608 
Total other comprehensive (loss) income, net of tax$(38,590)$144,291 $72,269 
  
Changes in the funded status of our retirement plans and changes in the fair value of derivatives that are designated and qualify as cash flow hedges are recognized in accumulated other comprehensive income (loss).  The cumulative balances are net of deferred taxes of $19.3 million as of February 29, 2024 and $32.6 million as of February 28, 2023.
v3.24.1.u1
Leases
 12 Months Ended
Feb. 29, 2024
Leases [Abstract]  
Leases of Lessee Disclosure LEASE COMMITMENTS
Our leases primarily consist of operating and finance leases related to retail stores, office space, land and equipment. We also have stores subject to sale-leaseback transactions that do not qualify for sale accounting and are accounted for as financing obligations. For more information on these financing obligations see Note 12.
The initial term for real property leases is typically 5 to 20 years. For equipment leases, the initial term generally ranges from 3 to 8 years. Most leases include one or more options to renew, with renewal terms that can extend the lease term from 1 to 20 years or more. We include options to renew (or terminate) in our lease term, and as part of our right-of-use (“ROU”) assets and lease liabilities, when it is reasonably certain that we will exercise that option.
ROU assets and the related lease liabilities are initially measured at the present value of future lease payments over the lease term. As most of our leases do not provide an implicit rate, we use our collateralized incremental borrowing rate based on the information available at the commencement date in determining the present value of future payments. We include variable lease payments in the initial measurement of ROU assets and lease liabilities only to the extent they depend on an index or rate. Changes in such indices or rates are accounted for in the period the change occurs, and do not result in the remeasurement of the ROU asset or liability. We are also responsible for payment of certain real estate taxes, insurance and other expenses on our leases. These amounts are generally considered to be variable and are not included in the measurement of the ROU asset and lease liability. We generally account for non-lease components, such as maintenance, separately from lease components. For certain equipment leases, we apply a portfolio approach to account for the lease assets and liabilities.
Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. Leases with a term of 12 months or less are not recorded on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term.
The components of lease expense were as follows:
Years Ended February 29 or 28
(In thousands)202420232022
Operating lease cost (1)
$89,801 $90,925 $75,629 
Finance lease cost:
Depreciation of lease assets20,010 16,039 13,230 
Interest on lease liabilities25,724 21,969 17,015 
Total finance lease cost45,734 38,008 30,245 
Total lease cost$135,535 $128,933 $105,874 

(1)     Includes short-term leases and variable lease costs, which are immaterial.

Supplemental balance sheet information related to leases was as follows:
As of February 29 or 28
(In thousands)Classification20242023
Assets:
Operating lease assetsOperating lease assets$520,717 $545,677 
Finance lease assets
Property and equipment, net (1)
174,998 145,372 
Total lease assets$695,715 $691,049 
Liabilities:
Current:
Operating leasesCurrent portion of operating lease liabilities$57,161 $53,287 
Finance leasesAccrued expenses and other current liabilities20,877 18,788 
Long-term:
Operating leasesOperating lease liabilities, excluding current portion496,210 523,828 
Finance leasesOther liabilities198,759 165,135 
Total lease liabilities$773,007 $761,038 

(1)     Finance lease assets are recorded net of accumulated depreciation of $55.5 million as of February 29, 2024 and $46.7 million as of February 28, 2023.

Lease term and discount rate information related to leases was as follows:
As of February 29 or 28
Lease Term and Discount Rate20242023
Weighted Average Remaining Lease Term (in years)
Operating leases16.0716.35
Finance leases11.4310.84
Weighted Average Discount Rate
Operating leases5.05 %4.91 %
Finance leases17.16 %19.34 %
Supplemental cash flow information related to leases was as follows:
Years Ended February 29 or 28
(In thousands)202420232022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$88,704 $89,321 $72,371 
Operating cash flows from finance leases$24,782 $19,371 $11,194 
Financing cash flows from finance leases$16,674 $12,200 $11,923 
Lease assets obtained in exchange for lease obligations:
Operating leases$30,746 $58,121 $50,911 
Finance leases$51,660 $37,931 $32,052 

Maturities of lease liabilities were as follows:

As of February 29, 2024
(In thousands)
Operating Leases (1)
Finance Leases (1)
Fiscal 2025$83,110 $45,669 
Fiscal 202677,748 47,724 
Fiscal 202771,393 43,914 
Fiscal 202867,246 37,051 
Fiscal 202945,400 29,808 
Thereafter517,307 229,689 
Total lease payments862,204 433,855 
Less: interest(308,833)(214,219)
Present value of lease liabilities$553,371 $219,636 

(1) Lease payments exclude $5.1 million of legally binding minimum lease payments for leases signed but not yet commenced.
v3.24.1.u1
Commitments And Contingencies
 12 Months Ended
Feb. 29, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments And Contingencies COMMITMENTS AND CONTINGENCIES
(A)Litigation
CarMax entities are defendants in a proceeding asserting wage and hour claims with respect to non-exempt CarMax employees in California. The asserted claims include failure to provide meal periods and rest breaks; pay statutory or contractual wages; reimburse for work-related expenses; and Private Attorneys General Act (“PAGA”) claims. On July 9, 2021, Daniel Bendure v. CarMax Auto Superstores California, LLC et al., a putative class action, was filed in the Superior Court of California, County of San Bernardino. The Bendure lawsuit seeks civil penalties for violation of the Labor Code, attorneys’ fees, costs, restitution of unpaid wages, interest, injunctive and equitable relief, general damages, and special damages. Bendure subsequently decided not to proceed with an individual or putative class claim, but rather filed and served a PAGA-only complaint in the Superior Court of California for the County of San Bernardino on December 7, 2021, based on the same allegations pled in the original complaint.
The California Supreme Court held in Adolph v. Uber that an employee who signs an arbitration agreement, as Bendure has, may still pursue a representative PAGA action in court if the employee is successful in his individual PAGA action in arbitration. In light of this decision, Bendure filed a demand on October 16, 2023 for an individual arbitration. This arbitration is scheduled for July 23, 2024.
We are unable to make a reasonable estimate of the amount or range of loss that could result from an unfavorable outcome in this matter.
The company is a class member in a consolidated and settled class action lawsuit (In re: Takata Airbag Product Liability Litigation (U.S. District Court, Southern District of Florida)) against Toyota, Mazda, Subaru, BMW, Honda, Nissan, Ford and Volkswagen related to the economic loss associated with defective Takata airbags installed as original equipment in certain model vehicles from model years 2000-2019. In April 2020, CarMax received $40.3 million in net recoveries from the Toyota, Mazda, Subaru, BMW, Honda and Nissan settlement funds. In January 2022, CarMax received $3.8 million in net recoveries from the Ford settlement funds. On April 21, 2023, CarMax received $59.3 million in net recoveries from residual undisbursed funds in the Toyota, Mazda, Subaru, BMW, Honda and Nissan settlements. On August 9, 2023, CarMax received $7.9 million in additional residual funds in the BMW, Mazda, and Nissan settlements. CarMax remains a class member for residual funds in the Ford settlement. The Volkswagen settlement has not yet been resolved. We are unable to make a reasonable estimate of the amount or range of gain that could result from CarMax’s participation in the Ford residual or Volkswagen matters.
We are involved in various other legal proceedings in the normal course of business. Based upon our evaluation of information currently available, we believe that the ultimate resolution of any such proceedings will not have a material adverse effect, either individually or in the aggregate, on our financial condition, results of operations or cash flows.
(B)Other Matters
In accordance with the terms of real estate lease agreements, we generally agree to indemnify the lessor from certain liabilities arising as a result of the use of the leased premises, including environmental liabilities and repairs to leased property upon termination of the lease.  Additionally, in accordance with the terms of agreements entered into for the sale of properties, we generally agree to indemnify the buyer from certain liabilities and costs arising subsequent to the date of the sale, including environmental liabilities and liabilities resulting from the breach of representations or warranties made in accordance with the agreements.  We do not have any known material environmental commitments, contingencies or other indemnification issues arising from these arrangements.
As part of our customer service strategy, we guarantee the used vehicles we retail with a 90-day/4,000 mile limited warranty.  A vehicle in need of repair within this period will be repaired free of charge.  As a result, each vehicle sold has an implied liability associated with it.  Accordingly, based on historical trends, we record a provision for estimated future repairs during the guarantee period for each vehicle sold.  The liability for this guarantee was $30.9 million as of February 29, 2024 and $27.1 million as of February 28, 2023, and is included in accrued expenses and other current liabilities.
At various times we may have certain purchase obligations that are enforceable and legally binding primarily related to real estate purchases, advertising and third-party outsourcing services. As of February 29, 2024, we have material purchase obligations of $428.2 million, of which $213.3 million are expected to be fulfilled in fiscal 2025.
v3.24.1.u1
Segment Reporting
 12 Months Ended
Feb. 29, 2024
Segment Reporting [Abstract]  
Segment Reporting Disclosure SEGMENT INFORMATION
We operate in two reportable segments: CarMax Sales Operations and CAF. Our CarMax Sales Operations segment consists of all aspects of our auto merchandising and service operations, excluding financing provided by CAF. Our CAF segment consists solely of our own finance operation that provides financing to customers buying retail vehicles from CarMax.
We also have a non-reportable operating segment related to our Edmunds business, which is reflected as “Other” in the segment tables below. Revenue generated by Edmunds primarily represents advertising and subscription revenues as discussed in Note 2. Edmunds also generates intersegment revenue as a result of transactions between Edmunds and CarMax Sales Operations, which represent arm’s length transactions at prevailing market prices. Such amounts are eliminated in consolidation.
The performance of our CarMax Sales Operations segment is reviewed by our chief operating decision maker at the gross profit level, the components of which are presented in the tables below. Required segment information related to our CAF segment is presented in Note 3. Additionally, asset information by segment is not utilized for purposes of assessing performance or allocating resources and, as a result, such information has not been presented.
Segment Information


Year Ended February 29, 2024
(In thousands)CarMax Sales OperationsOtherEliminationsTotal
Sales and operating revenues$26,400,256 $135,784 $— $26,536,040 
Intersegment sales and operating revenues— 34,779 (34,779)— 
Total sales and operating revenues$26,400,256 $170,563 $(34,779)$26,536,040 
Depreciation and amortization (1)
$1,614 $19,678 $— $21,292 
Gross profit $2,615,286 $102,544 $(4,621)$2,713,209 
Reconciliation to Consolidated Earnings Before Taxes:
CAF Income568,271 
Selling, general and administrative expenses(2,286,378)
Depreciation and amortization (2)
(239,028)
Interest expense(124,750)
Other income (expense)10,271 
Earnings before income taxes$641,595 


Year Ended February 28, 2023
(In thousands)CarMax Sales OperationsOtherEliminationsTotal
Sales and operating revenues$29,551,617 $133,256 $— $29,684,873 
Intersegment sales and operating revenues— 28,038 (28,038)— 
Total sales and operating revenues$29,551,617 $161,294 $(28,038)$29,684,873 
Depreciation and amortization (1)
$1,499 $14,263 $— $15,762 
Gross profit$2,704,398 $101,138 $(5,333)$2,800,203 
Reconciliation to Consolidated Earnings Before Taxes:
CAF Income663,404 
Selling, general and administrative expenses(2,487,357)
Depreciation and amortization (2)
(228,449)
Interest expense(120,398)
Other income (expense)9,401 
Earnings before income taxes$636,804 

(1)    Represents only the portion of depreciation and amortization recorded within Cost of sales, and thus included in the calculation of Gross profit.
(2)    Exclusive of depreciation and amortization recorded within Cost of sales.
v3.24.1.u1
Summary Of Significant Accounting Policies (Policy)
 12 Months Ended
Feb. 29, 2024
Accounting Policies [Abstract]  
Business And Background Business and Background
CarMax, Inc. (“we,” “our,” “us,” “CarMax” and “the company”), including its wholly owned subsidiaries, is the nation’s largest retailer of used vehicles. We operate in two reportable segments:  CarMax Sales Operations and CarMax Auto Finance (“CAF”).  Our CarMax Sales Operations segment consists of all aspects of our auto merchandising and service operations, excluding financing provided by CAF. Our CAF segment consists solely of our own finance operation that provides financing to customers buying retail vehicles from CarMax. On June 1, 2021, we completed the acquisition of Edmunds Holding Company (“Edmunds”), which does not meet the quantitative thresholds to be considered a reportable segment. See Note 19 for additional information on our reportable segments.
We deliver an unrivaled customer experience by offering a broad selection of quality used vehicles and related products and services at competitive, no-haggle prices using a customer-friendly sales process. Our omni-channel platform, which gives us the largest addressable market in the used car industry, empowers our retail customers to buy a car on their terms – online, in-store or an integrated combination of both. We offer customers a range of related products and services, including the appraisal and purchase of vehicles directly from consumers; the financing of retail vehicle purchases through CAF and third-party finance providers; the sale of extended protection plan (“EPP”) products, which include extended service plans (“ESPs”) and guaranteed asset protection (“GAP”); and vehicle repair service. Vehicles purchased through the appraisal process that do not meet our retail standards are sold to licensed dealers through on-site or virtual wholesale auctions.
Basis Of Presentation And Use Of Estimates Basis of Presentation and Use of EstimatesThe consolidated financial statements include the accounts of CarMax and our wholly owned subsidiaries.  All significant intercompany balances and transactions have been eliminated in consolidation.  The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities.  Actual results could differ from those estimates.  Certain prior year amounts have been reclassified to conform to the current year’s presentation.  Amounts and percentages may not total due to rounding.
Cash And Cash Equivalents Cash and Cash Equivalents
Cash equivalents consisting of highly liquid investments with original maturities of three months or less were $484.3 million as of February 29, 2024 and $229.5 million as of February 28, 2023.
Restricted Cash From Collections On Auto Loan Receivables Restricted Cash from Collections on Auto Loans Receivable
Cash equivalents, totaling $506.6 million as of February 29, 2024 and $470.9 million as of February 28, 2023, consisted of collections of principal, interest and fee payments on auto loans receivable that are restricted for payment to holders of non-recourse notes payable pursuant to the applicable agreements.
Accounts Receivable, Net Accounts Receivable, Net
Accounts receivable, net of an allowance for doubtful accounts, includes certain amounts due from third-party finance providers and customers, and other miscellaneous receivables.  The allowance for doubtful accounts is estimated based on historical experience and trends.
Securitizations Financing and Securitization Transactions
We maintain a revolving funding program composed of three warehouse facilities (“warehouse facilities”) that we use to fund auto loans receivable originated by CAF. We typically elect to fund these receivables through an asset-backed term funding transaction, such as a term securitization or alternative funding arrangement, at a later date.  We sell the auto loans receivable to one of three wholly owned, bankruptcy-remote, special purpose entities that transfer an undivided percentage ownership interest in the receivables, but not the receivables themselves, to entities formed by third-party investors.  These entities issue asset-backed commercial paper or utilize other funding sources supported by the transferred receivables, and the proceeds are used to finance the related receivables.
We typically use term securitizations to provide long-term funding for most of the auto loans receivable initially funded through the warehouse facilities.  In these transactions, a pool of auto loans receivable is sold to a bankruptcy-remote, special purpose entity that, in turn, transfers the receivables to a special purpose securitization trust.  The securitization trust issues asset-backed securities, secured or otherwise supported by the transferred receivables, and the proceeds from the sale of the asset-backed securities are used to finance the securitized receivables.
We are required to evaluate term securitization trusts for consolidation.  In our capacity as servicer, we have the power to direct the activities of the trusts that most significantly impact the economic performance of the trusts.  In addition, we have the obligation to absorb losses (subject to limitations) and the rights to receive any returns of the trusts, which could be significant.  Accordingly, we are the primary beneficiary of the trusts and are required to consolidate them.
We recognize transfers of auto loans receivable into the warehouse facilities and asset-backed term funding transactions, including term securitizations (together, “non-recourse funding vehicles”), as secured borrowings, which result in recording the auto loans receivable and the related non-recourse notes payable on our consolidated balance sheets.
These receivables can only be used as collateral to settle obligations of the related non-recourse funding vehicles.  The non-recourse funding vehicles and investors have no recourse to our assets beyond the related receivables, the amounts on deposit in reserve accounts and the restricted cash from collections on auto loans receivable.  We have not provided financial or other support to the non-recourse funding vehicles that was not previously contractually required, and there are no additional arrangements, guarantees or other commitments that could require us to provide financial support to the non-recourse funding vehicles.
See Notes 4 and 12 for additional information on auto loans receivable and non-recourse notes payable.
Inventory Inventory
Inventory is primarily comprised of vehicles held for sale or currently undergoing reconditioning and is stated at the lower of cost or net realizable value (“NRV”).  Vehicle inventory cost is determined by specific identification.  Parts, labor and overhead costs associated with reconditioning vehicles, as well as transportation and other incremental expenses associated with acquiring and reconditioning vehicles, are included in inventory.
Auto Loan Receivables, Net Auto Loans Receivable, Net
Auto loans receivable include amounts due from customers related to retail vehicle sales financed through CAF and are presented net of an allowance for loan losses. The allowance for loan losses represents the net credit losses expected over the remaining contractual life of our managed receivables. See Note 4 for additional information on our significant accounting policies related to auto loans receivable and the allowance for loan losses.
Property And Equipment Property and Equipment
Property and equipment is stated at cost less accumulated depreciation and amortization.  Depreciation and amortization are calculated using the straight-line method over the shorter of the asset’s estimated useful life or the lease term, if applicable.  Costs incurred during new store construction are capitalized as construction-in-progress and reclassified to the appropriate fixed asset categories when the store is completed.
Estimated Useful Lives
 Life
Buildings25 years
Leasehold improvements10 – 15 years
Furniture, fixtures and equipment3 – 15 years
Software 5 years
We review long-lived assets for impairment when events or changes in circumstances indicate the carrying amount of an asset may not be recoverable.  We recognize impairment when the sum of undiscounted estimated future cash flows expected to result from the use of the asset is less than the carrying value of the asset.  See Note 7 for additional information on property and equipment.
Other Assets
Restricted Cash on Deposit in Reserve Accounts.  The restricted cash on deposit in reserve accounts is for the benefit of holders of non-recourse notes payable, and these funds are not expected to be available to the company or its creditors.  In the event that the cash generated by the related receivables in a given period was insufficient to pay the interest, principal and other required payments, the balances on deposit in the reserve accounts would be used to pay those amounts.  Restricted cash on deposit in reserve accounts is invested in money market securities or bank deposit accounts and was $118.2 million as of February 29, 2024 and $113.7 million as of February 28, 2023.
Other Investments.  Other investments includes restricted money market securities primarily held to satisfy certain insurance program requirements, investments held in a rabbi trust established to fund informally our executive deferred compensation plan and investments in equity securities.  Money market securities and mutual funds are reported at fair value, and investments in equity securities are reported at cost less any impairment and adjusted for any observable changes in price. Gains and losses on these securities are reflected as a component of other income. Other investments totaled $137.3 million as of February 29, 2024 and $133.2 million as of February 28, 2023.
Financing Obligations Financing Obligations
We generally account for sale-leaseback transactions as financing obligations.  Accordingly, we record certain of the assets subject to these transactions on our consolidated balance sheets in property and equipment and the related sales proceeds as financing obligations in long-term debt.  Depreciation is recognized on the assets over their estimated useful lives, generally 25 years.  A portion of the periodic lease payments is recognized as interest expense and the remainder reduces the obligation.  In the event the sale-leasebacks are modified or extended beyond their original term, the related obligation is increased based on the present value of the revised future minimum lease payments on the date of the modification, with a corresponding increase to the net carrying amount of the assets subject to these transactions.  See Note 12 for additional information on financing obligations.
Other Accrued Expenses Accrued Expenses
As of February 29, 2024 and February 28, 2023, accrued expenses and other current liabilities included accrued compensation and benefits of $192.4 million and $159.3 million, respectively; loss reserves for general liability and workers’ compensation insurance of $51.9 million and $47.5 million, respectively; our vehicle return reserves of $97.8 million and $95.9 million, respectively; and the current portion of cancellation reserves. See Note 9 for additional information on cancellation reserves.
Defined Benefit Plan Obligations Defined Benefit Plan Obligations
The recognized funded status of defined benefit retirement plan obligations is included both in accrued expenses and other current liabilities and in other liabilities.  The current portion represents benefits expected to be paid from our benefit restoration plan over the next 12 months.  The defined benefit retirement plan obligations are determined using a number of actuarial assumptions.  Key assumptions used in measuring the plan obligations include the discount rate, rate of return on plan assets and mortality rate.  See Note 11 for additional information on our benefit plans.
Insurance Liabilities Insurance Liabilities
Insurance liabilities are included in accrued expenses and other current liabilities.  We use a combination of insurance and self-insurance for a number of risks including workers’ compensation, general liability and employee-related health care costs, a portion of which is paid by associates.  Estimated insurance liabilities are determined by considering historical claims experience, demographic factors and other actuarial assumptions.
Revenue Recognition Revenue Recognition
Our revenue consists primarily of used and wholesale vehicle sales, as well as sales from EPP products, advertising and subscription revenues earned by our Edmunds business and vehicle repair service revenues. See Note 2 for additional information on our significant accounting policies related to revenue recognition.
Cost Of Sales Cost of SalesCost of sales includes the cost to acquire vehicles and the reconditioning and transportation costs associated with preparing the vehicles for resale.  It also includes payroll, fringe benefits, and parts, labor and overhead costs associated with reconditioning and vehicle repair services.  The gross profit earned by our service department for used vehicle reconditioning service is a reduction of cost of sales.  We maintain a reserve to eliminate the internal profit on vehicles that have not been sold.
Selling, General And Administrative Expenses Selling, General and Administrative Expenses
Selling, general and administrative (“SG&A”) expenses primarily include compensation and benefits, other than payroll related to reconditioning and vehicle repair services; rent and other occupancy costs; advertising; and other, including IT expenses, non-CAF bad debt, insurance, travel, charitable contributions, preopening and relocation costs, and other administrative expenses.
Advertising Expenses Advertising Expenses
Advertising costs are expensed as incurred and substantially all are included in SG&A expenses.  Total advertising expenses were $265.6 million in fiscal 2024, $295.6 million in fiscal 2023 and $332.2 million in fiscal 2022.
Store Opening Expenses Location Opening Expenses
Costs related to location openings, including preopening costs, are expensed as incurred and are included in SG&A expenses.
Share-Based Compensation Share-Based Compensation
Share-based compensation represents the cost related to share-based awards granted to employees and non-employee directors.  We measure share-based compensation cost at the grant date, based on the estimated fair value of the award, and we recognize the cost on a straight-line basis, net of estimated forfeitures, over the grantee’s requisite service period, which is generally the vesting period of the award.  We estimate the fair value of stock options using a binomial valuation model.  Key assumptions used in estimating the fair value of options are dividend yield, expected volatility, risk-free interest rate and expected term.  The fair values of restricted stock, stock-settled performance stock units and stock-settled deferred stock units are based on the closing prices on the date of the grant.  The fair value of stock-settled market stock units is determined using a Monte-Carlo simulation based on the expected market price of our common stock on the vesting date and the expected number of converted common shares.  Cash-settled restricted stock units are liability awards with fair value measurement based on the closing price of CarMax common stock as of the end of each reporting period.  Share-based compensation expense is recorded in either cost of sales, CAF income or SG&A expenses based on the recipients’ respective function.
We record deferred tax assets for awards that result in deductions on our income tax returns, based on the amount of compensation expense recognized and the statutory tax rate in the jurisdiction in which we will receive a deduction.  Differences between the deferred tax assets recognized for financial reporting purposes and the actual tax deduction reported on the income tax return are recorded in income tax expense.  See Note 13 for additional information on stock-based compensation.
Derivative Instruments And Hedging Activities Derivative Instruments and Hedging Activities
We enter into derivative instruments to manage certain risks arising from both our business operations and economic conditions that result in the future known receipt or payment of uncertain cash amounts, the values of which are impacted by interest rates.  We recognize the derivatives at fair value on the consolidated balance sheets, and where applicable, such contracts covered by master netting agreements are reported net.  Gross positive fair values are netted with gross negative fair values by counterparty.  The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting.  We may enter into derivative contracts that are intended to economically hedge certain risks, even though hedge accounting may not apply or we do not elect to apply hedge accounting.  See Note 5 for additional information on derivative instruments and hedging activities.
Income Taxes Income Taxes
We file a consolidated federal income tax return. Deferred income taxes reflect the impact of temporary differences between the amounts of assets and liabilities recognized for financial reporting purposes and the amounts recognized for income tax purposes, measured by applying currently enacted tax laws.  A deferred tax asset is recognized if it is more likely than not that a benefit will be realized.  Changes in tax laws and tax rates are reflected in the income tax provision in the period in which the changes are enacted. We evaluate the need to record valuation allowances that would reduce deferred tax assets to the amount that will more likely than not be realized.  When assessing the need for valuation allowances, we consider available loss carrybacks, tax planning strategies, future reversals of existing temporary differences and future taxable income.
We recognize the tax benefit from an uncertain tax position only if it is more likely than not that the position will be sustained upon review by tax authorities. Benefits recognized from tax positions are measured at the highest tax benefit that is greater than 50% likely of being realized upon settlement. To the extent that the final tax outcome of these matters is different from the amounts recorded, the differences impact income tax expense in the period in which the determination is made. Interest and penalties related to income tax matters are included in SG&A expenses. See Note 10 for additional information on income taxes.
Net Earnings Per Share Net Earnings Per Share
Basic net earnings per share is computed by dividing net earnings available for basic common shares by the weighted average number of shares of common stock outstanding.  Diluted net earnings per share is computed by dividing net earnings available for diluted common shares by the sum of the weighted average number of shares of common stock outstanding and dilutive potential common stock.  Diluted net earnings per share is calculated using the “if-converted” treasury stock method.  See Note 14 for additional information on net earnings per share.
Recent Accounting Pronouncements Recent Accounting Pronouncements
Adopted in the Current Period
In October 2021, the Financial Accounting Standards Board (“FASB”) issued an accounting pronouncement (ASU 2021-08) related to accounting for acquired revenue contracts with customers in a business combination. The amendments in this update address diversity in practice and inconsistency related to recognition of an acquired contract liability and the effect of payment terms on subsequent revenue recognition for the acquirer. This update is effective for fiscal years beginning after December 15,
2022, including interim periods within those fiscal years. We adopted this pronouncement for our fiscal year beginning March 1, 2023, and it did not have a material effect on our consolidated financial statements.
In March 2022, the FASB issued an accounting pronouncement (ASU 2022-01) related to the portfolio layer method of hedge accounting. The amendments in this update clarify the accounting and promote consistency in reporting for hedges where the portfolio layer method is applied. This update is effective for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years. We adopted this pronouncement for our fiscal year beginning March 1, 2023, and it did not have a material effect on our consolidated financial statements.
In March 2022, the FASB issued an accounting pronouncement (ASU 2022-02) related to troubled debt restructurings (“TDRs”) and vintage disclosures for financing receivables. The amendments in this update eliminate the accounting guidance for TDRs by creditors while enhancing disclosure requirements for certain loan refinancing and restructurings by creditors made to borrowers experiencing financial difficulty. The amendments also require disclosure of current-period gross charge-offs by year of origination for financing receivables. The amendments in this update are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. We adopted this pronouncement for our fiscal year beginning March 1, 2023, and made the necessary updates to our vintage disclosures. Aside from these disclosure changes, the amendments did not have a material effect on our consolidated financial statements.
In September 2022, the FASB issued an accounting pronouncement (ASU 2022-04) related to disclosure requirements for buyers in supplier finance programs. The amendments in the update require that buyers disclose qualitative and quantitative information about their supplier finance programs. Interim and annual requirements include disclosure of outstanding amounts under the obligations as of the end of the reporting period, and annual requirements include a rollforward of those obligations for the annual reporting period, as well as a description of payment and other key terms of the programs. This update is effective for annual periods beginning after December 15, 2022, and interim periods within those fiscal years, except for the requirement to disclose rollforward information, which is effective for fiscal years beginning after December 15, 2023. We adopted this pronouncement for our fiscal year beginning March 1, 2023, and it did not have a material effect on our consolidated financial statements.
Effective in Future Periods
In October 2023, the FASB issued an accounting pronouncement (ASU 2023-06) related to disclosure or presentation requirements for various subtopics in the FASB’s Accounting Standards Codification (“Codification”). The amendments in the update are intended to align the requirements in the Codification with the U.S. Securities and Exchange Commission's (“SEC”) regulations and facilitate the application of GAAP for all entities. The effective date for each amendment is the date on which the SEC removal of the related disclosure requirement from Regulation S-X or Regulation S-K becomes effective, or if the SEC has not removed the requirements by June 30, 2027, this amendment will be removed from the Codification and will not become effective for any entity. Early adoption is prohibited. We do not expect this update to have a material impact on our consolidated financial statements.
In November 2023, the FASB issued an accounting pronouncement (ASU 2023-07) related to the disclosure of incremental segment information on an annual and interim basis. This update is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, and requires retrospective application to all prior periods presented in the financial statements. We plan to adopt this pronouncement beginning with our fiscal year ended February 28, 2025, and we do not expect it to have a material effect on our consolidated financial statements.
In December 2023, the FASB issued an accounting pronouncement (ASU 2023-09) related to income tax disclosures. The amendments in this update are intended to enhance the transparency and decision usefulness of income tax disclosures primarily through changes to the rate reconciliation and income taxes paid information. This update is effective for annual periods beginning after December 15, 2024, though early adoption is permitted. We plan to adopt this pronouncement for our fiscal year beginning March 1, 2025, and we do not expect it to have a material effect on our consolidated financial statements.
In March 2024, the SEC issued final rules to enhance public company disclosures related to the risks and impacts of climate-related matters, and in April 2024, the SEC voluntarily stayed the new rules as a result of pending legal challenges. The new rules, if adopted, include a requirement to disclose climate-related risks and the material impacts that severe weather events and other natural conditions have had, or are reasonably likely to have, on the company. The rules also require disclosures related to management and the board of directors’ governance over such risks. The new disclosure rules, absent the results of pending legal challenges, are currently expected to be effective for our Form 10-K for the year-ended February 28, 2026, except for those relating to greenhouse gas emissions, which are expected to be effective for our Form 10-K for the year-ended February 28, 2027. We are in the process of evaluating the impacts of these new rules.
v3.24.1.u1
Summary Of Significant Accounting Policies (Tables)
 12 Months Ended
Feb. 29, 2024
Accounting Policies [Abstract]  
Schedule Of Estimated Useful Lives Of Property And Equipment
Estimated Useful Lives
 Life
Buildings25 years
Leasehold improvements10 – 15 years
Furniture, fixtures and equipment3 – 15 years
Software 5 years
v3.24.1.u1
Revenue Disclosures (Tables)
 12 Months Ended
Feb. 29, 2024
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue
Disaggregation of Revenue

Years Ended February 29 or 28
(In millions)202420232022
Used vehicle sales$20,922.3 $23,034.3 $24,437.1 
Wholesale vehicle sales4,975.8 5,989.8 6,763.8 
Other sales and revenues:
Extended protection plan revenues401.8 422.3 478.4 
Third-party finance (fees)/income, net(5.8)7.0 1.5 
Advertising & subscription revenues (1)
135.8 133.3 101.8 
Service revenues85.1 82.3 81.8 
Other21.1 15.9 36.0 
Total other sales and revenues638.0 660.8 699.5 
Total net sales and operating revenues$26,536.0 $29,684.9 $31,900.4 

(1)     Excludes intersegment sales and operating revenues that have been eliminated in consolidation. See Note 19 for further details.
v3.24.1.u1
CarMax Auto Finance (Tables)
 12 Months Ended
Feb. 29, 2024
CarMax Auto Finance Income [Abstract]  
Components Of CarMax Auto Finance Income
Components of CAF Income
Years Ended February 29 or 28
(In millions)2024
% (1)
2023
% (1)
2022
% (1)
Interest margin:
Interest and fee income$1,677.4 9.7 $1,441.5 8.8 $1,296.8 8.7 
Interest expense(638.7)(3.7)(310.3)(1.9)(228.8)(1.5)
Total interest margin1,038.7 6.0 1,131.2 6.9 1,068.0 7.2 
Provision for loan losses(310.5)(1.8)(317.0)(1.9)(141.7)(0.9)
Total interest margin after provision for loan losses728.2 4.2 814.2 5.0 926.3 6.2 
Direct expenses:
Payroll and fringe benefit expense(66.5)(0.4)(62.8)(0.4)(50.5)(0.3)
Depreciation and amortization(16.5)(0.1)(15.5)(0.1)(6.6)— 
Other direct expenses(76.9)(0.4)(72.4)(0.4)(67.7)(0.5)
Total direct expenses(159.9)(0.9)(150.8)(0.9)(124.8)(0.8)
CarMax Auto Finance income$568.3 3.3 $663.4 4.1 $801.5 5.4 
Total average managed receivables$17,313.2 $16,304.3 $14,934.0 
 
 (1)    Percent of total average managed receivables.
v3.24.1.u1
Auto Loan Receivables (Tables)
 12 Months Ended
Feb. 29, 2024
Loans and Leases Receivable, Net Amount [Abstract]  
Auto Loan Receivables, Net
Auto Loans Receivable, Net
 As of February 29 or 28
(In millions)20242023
Asset-backed term funding $12,638.2 $12,242.8 
Warehouse facilities3,744.6 3,649.9 
Overcollateralization (1)
790.9 739.9 
Other managed receivables (2)
218.1 135.3 
Total ending managed receivables17,391.8 16,767.9 
Accrued interest and fees90.9 78.0 
Other11.9 3.1 
Less: allowance for loan losses(482.8)(507.2)
Auto loans receivable, net$17,011.8 $16,341.8 
 
(1)Represents receivables restricted as excess collateral for the non-recourse funding vehicles. 
(2)Other managed receivables includes receivables not funded through the non-recourse funding vehicles.
Ending Managed Receivables By Major Credit Grade
Ending Managed Receivables by Major Credit Grade
As of February 29, 2024
Fiscal Year of Origination (1)
(In millions)20242023202220212020Prior to 2020Total
% (2)
Core managed receivables (3):
A$3,922.7 $2,660.6 $1,635.1 $614.0 $268.7 $40.0 $9,141.1 52.6 
B2,370.8 1,738.8 1,225.9 493.3 233.4 61.3 6,123.5 35.2 
C and other344.1 498.6 400.3 192.2 86.6 26.9 1,548.7 8.9 
Total core managed receivables6,637.6 4,898.0 3,261.3 1,299.5 588.7 128.2 16,813.3 96.7 
Other managed receivables (4):
C and other299.0 176.3 72.6 9.3 12.1 9.2 578.5 3.3 
Total ending managed receivables$6,936.6 $5,074.3 $3,333.9 $1,308.8 $600.8 $137.4 $17,391.8 100.0 
Gross charge-offs$111.0 $248.6 $129.8 $41.0 $19.7 $11.4 $561.5 
As of February 28, 2023
Fiscal Year of Origination (1)
(In millions)20232022202120202019Prior to 2019Total
%  (2)
Core managed receivables (3):
A$3,890.9 $2,555.3 $1,112.0 $677.1 $218.3 $36.3 $8,489.9 50.6 
B2,497.5 1,839.9 816.2 488.9 215.1 56.0 5,913.6 35.3 
C and other732.7 609.5 314.5 169.3 74.1 25.6 1,925.7 11.5 
Total core managed receivables7,121.1 5,004.7 2,242.7 1,335.3 507.5 117.9 16,329.2 97.4 
Other managed receivables (4):
C and other272.0 112.5 15.0 21.1 13.2 4.9 438.7 2.6 
Total ending managed receivables$7,393.1 $5,117.2 $2,257.7 $1,356.4 $520.7 $122.8 $16,767.9 100.0 

(1)Classified based on credit grade assigned when customers were initially approved for financing.
(2)Percent of total ending managed receivables.
(3)Represents CAF’s Tier 1 originations.
(4)Represents CAF’s Tier 2 and Tier 3 originations.
Allowance For Loan Losses
Allowance for Loan Losses
 As of February 29, 2024
(In millions)CoreOtherTotal
%  (1)
Balance as of beginning of year$401.5 $105.7 $507.2 3.02 
Charge-offs(471.6)(89.9)(561.5) 
Recoveries (2)
197.3 29.3 226.6  
Provision for loan losses262.5 48.0 310.5  
Balance as of end of year$389.7 $93.1 $482.8 2.78 
 
 As of February 28, 2023
(In millions)CoreOtherTotal
%  (1)
Balance as of beginning of year$377.5 $55.5 $433.0 2.77 
Charge-offs(348.1)(54.4)(402.5)
Recoveries (2)
142.5 17.2 159.7 
Provision for loan losses229.6 87.4 317.0 
Balance as of end of year$401.5 $105.7 $507.2 3.02 

(1)Percent of total ending managed receivables.
(2)Net of costs incurred to recover vehicle.
Past Due Receivables
Past Due Receivables
As of February 29, 2024
Core ReceivablesOther ReceivablesTotal
(In millions)ABC & OtherTotalC & Other$
%  (1)
Current$9,088.1 $5,666.3 $1,243.7 $15,998.1 $447.1 $16,445.2 94.56 
Delinquent loans:
31-60 days past due32.1 271.3 162.9 466.3 68.1 534.4 3.07 
61-90 days past due15.1 149.4 118.5 283.0 53.0 336.0 1.93 
Greater than 90 days past due5.8 36.5 23.6 65.9 10.3 76.2 0.44 
Total past due53.0 457.2 305.0 815.2 131.4 946.6 5.44 
Total ending managed receivables$9,141.1 $6,123.5 $1,548.7 $16,813.3 $578.5 $17,391.8 100.00 

As of February 28, 2023
Core ReceivablesOther ReceivablesTotal
(In millions)ABC & OtherTotalC & Other$
%  (1)
Current$8,450.3 $5,540.2 $1,612.3 $15,602.8 $327.6 $15,930.4 95.00 
Delinquent loans:
31-60 days past due25.1 225.7 175.4 426.2 60.6 486.8 2.90 
61-90 days past due10.6 120.0 114.5 245.1 42.1 287.2 1.71 
Greater than 90 days past due3.9 27.7 23.5 55.1 8.4 63.5 0.39 
Total past due39.6 373.4 313.4 726.4 111.1 837.5 5.00 
Total ending managed receivables$8,489.9 $5,913.6 $1,925.7 $16,329.2 $438.7 $16,767.9 100.00 

(1)Percent of total ending managed receivables.
v3.24.1.u1
Fair Value Measurements (Tables)
 12 Months Ended
Feb. 29, 2024
Fair Value Disclosures [Abstract]  
Schedule Of Items Measured At Fair Value On A Recurring Basis
Items Measured at Fair Value on a Recurring Basis
 As of February 29, 2024
(In thousands)Level 1Level 2Total
Assets:   
Money market securities$1,164,270 $— $1,164,270 
Mutual fund investments24,312 — 24,312 
Derivative instruments designated as hedges— 45,761 45,761 
Derivative instruments not designated as hedges— 13,064 13,064 
Total assets at fair value$1,188,582 $58,825 $1,247,407 
Percent of total assets at fair value95.3 %4.7 %100.0 %
Percent of total assets4.4 %0.2 %4.6 %
Liabilities:   
Derivative instruments designated as hedges$— $(2,302)$(2,302)
Total liabilities at fair value$— $(2,302)$(2,302)
Percent of total liabilities— %— %— %
 
 As of February 28, 2023
(In thousands)Level 1Level 2Total
Assets:   
Money market securities$865,943 $— $865,943 
Mutual fund investments22,671 — 22,671 
Derivative instruments designated as hedges— 97,328 97,328 
Derivative instruments not designated as hedges— 33,870 33,870 
Total assets at fair value$888,614 $131,198 $1,019,812 
Percent of total assets at fair value87.1 %12.9 %100.0 %
Percent of total assets3.4 %0.5 %3.9 %
Liabilities:   
Total liabilities at fair value$— $— $— 
Percent of total liabilities— %— %— %
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]
(In thousands)As of February 29, 2024As of February 28, 2023
Carrying value$400,000 $500,000 
Fair value$380,249 $473,749 
v3.24.1.u1
Property And Equipment (Tables)
 12 Months Ended
Feb. 29, 2024
Property, Plant and Equipment [Abstract]  
Schedule Of Property And Equipment
 As of February 29 or 28
(In thousands)20242023
Land$990,225 $947,734 
Land held for development (1)
193,923 62,770 
Buildings2,612,746 2,454,937 
Leasehold improvements361,850 356,974 
Furniture, fixtures and equipment586,813 559,927 
Construction in progress117,352 156,925 
Software385,867 314,454 
Finance leases230,537 192,117
Total property and equipment5,479,313 5,045,838 
Less: accumulated depreciation and amortization(1,813,783)(1,614,924)
Property and equipment, net$3,665,530 $3,430,914 
 
 (1)    Land held for development represents land owned for potential location growth.
v3.24.1.u1
Intangible Assets, Goodwill and Other (Tables)
 12 Months Ended
Feb. 29, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Intangible Assets
As of February 29, 2024
Gross CarryingAccumulatedNet
(In thousands)AmountAmortizationAmount
Intangible assets not subject to amortization:
Trade name$31,900 $— $31,900 
Intangible assets subject to amortization:
Internally developed software52,900 (20,782)32,118 
Customer relationships133,200 (21,547)111,653 
Total intangible assets$218,000 $(42,329)$175,671 
As of February 28, 2023
Gross CarryingAccumulatedNet
AmountAmortizationAmount
Intangible assets not subject to amortization:
Trade name$31,900 $— $31,900 
Intangible assets subject to amortization:
Internally developed software52,900 (13,225)39,675 
Customer relationships133,200 (13,712)119,488 
Total intangible assets$218,000 $(26,937)$191,063 
v3.24.1.u1
Cancellation Reserves (Tables)
 12 Months Ended
Feb. 29, 2024
Cancellation Reserves [Abstract]  
Schedule Of Cancellation Reserves Accrual
Cancellation Reserves
 As of February 29 or 28
(In millions)20242023
Balance as of beginning of year$139.2 $144.7 
Cancellations(91.2)(103.6)
Provision for future cancellations80.3 98.1 
Balance as of end of year$128.3 $139.2 
v3.24.1.u1
Income Taxes (Tables)
 12 Months Ended
Feb. 29, 2024
Income Tax Disclosure [Abstract]  
Schedule Of Income Tax Provision
Income Tax Provision
 Years Ended February 29 or 28
(In thousands)202420232022
Current:   
Federal$140,480 $128,994 $264,194 
State26,711 29,598 61,855 
Total167,191 158,592 326,049 
Deferred:   
Federal(6,542)(1,118)10,560 
State1,742 (5,432)4,440 
Total(4,800)(6,550)15,000 
Income tax provision$162,391 $152,042 $341,049 
Schedule Of Effective Income Tax Rate Reconciliation
Effective Income Tax Rate Reconciliation
 Years Ended February 29 or 28
 202420232022
Federal statutory income tax rate21.0 %21.0 %21.0 %
State and local income taxes, net of federal benefit3.9 3.4 3.7 
Share-based compensation0.2 — (1.8)
Nondeductible and other items1.7 1.5 0.7 
Credits(1.5)(2.0)(0.7)
Effective income tax rate25.3 %23.9 %22.9 %
Schedule Of Temporary Differences Resulting In Deferred Tax Assets And Liabilities
Temporary Differences Resulting in Deferred Tax Assets and Liabilities
 As of February 29 or 28
(In thousands)20242023
Deferred tax assets:  
Accrued expenses and other$93,690 $102,611 
Allowance for loan losses117,618 123,636 
Prepaid expenses2,902 3,484 
Net operating loss carryforwards and other tax attributes29,670 35,184 
Operating lease liabilities139,124 146,006 
Share-based compensation43,689 37,165 
Capital loss carry forward701 847 
Total deferred tax assets427,394 448,933 
Less:  valuation allowance(701)(1,305)
Total deferred tax assets after valuation allowance426,693 447,628 
Deferred tax liabilities:  
Intangibles43,060 47,072 
Property and equipment101,796 113,015 
Operating lease assets130,181 137,617 
Inventory18,933 14,512 
Derivatives33,933 54,672 
Total deferred tax liabilities327,903 366,888 
Net deferred tax asset$98,790 $80,740 
Schedule Of Reconciliation Of Unrecognized Tax Benefits
Reconciliation of Unrecognized Tax Benefits
 Years Ended February 29 or 28
(In thousands)202420232022
Balance at beginning of year$27,092 $24,765 $28,997 
Increases for tax positions of prior years397 114 432 
Decreases for tax positions of prior years(172)(19)(5,056)
Increases based on tax positions related to the current year3,627 3,813 2,657 
Settlements(386)(79)(391)
Lapse of statute(1,741)(1,502)(1,874)
Balance at end of year$28,817 $27,092 $24,765 
v3.24.1.u1
Benefit Plans (Tables)
 12 Months Ended
Feb. 29, 2024
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]  
Benefit Plan Information
Benefit Plan Information
 As of February 29 or 28
 Pension PlanRestoration PlanTotal
(In thousands)202420232024202320242023
Plan assets$202,382 $190,007 $— $— $202,382 $190,007 
Projected benefit obligation208,200 209,298 8,677 9,043 216,877 218,341 
Funded status recognized$(5,818)$(19,291)$(8,677)$(9,043)$(14,495)$(28,334)
Amounts recognized in the consolidated balance sheets:     
Current liability$— $— $(645)$(639)$(645)$(639)
Noncurrent liability(5,818)(19,291)(8,032)(8,404)(13,850)(27,695)
Net amount recognized$(5,818)$(19,291)$(8,677)$(9,043)$(14,495)$(28,334)
Components Of Net Pension Expense
 
Pension PlanRestoration PlanTotal
(In thousands)202420232022202420232022202420232022
Total net pension (benefit) expense
$(3,842)$(3,443)$(2,493)$452 $429 $425 $(3,390)$(3,014)$(2,068)
Total net actuarial gain(1)
$(9,114)$(33,110)$(21,941)$(175)$(1,726)$(576)$(9,289)$(34,836)$(22,517)
 
(1)     Changes recognized in Accumulated Other Comprehensive Income
Schedule Of Assumptions Used
Assumptions Used to Determine Benefit Obligations
 As of February 29 or 28
 Pension PlanRestoration Plan
 2024202320242023
Discount rate5.35 %5.20 %5.35 %5.20 %
 
Assumptions Used to Determine Net Pension Expense
 As of February 29 or 28
 Pension PlanRestoration Plan
 202420232022202420232022
Discount rate5.20 %3.45 %2.95 %5.20 %3.45 %2.95 %
Expected rate of return on plan assets7.25 %7.50 %7.50 %— %— %— %
Schedule Of Fair Value Of Plan Assets
Fair Value of Plan Assets
 As of February 29 or 28
(In thousands)20242023
Mutual funds (Level 1):  
Equity securities – international
$13,900 $17,578 
Collective funds (NAV):  
Short-term investments
1,676 1,856 
Equity securities
67,602 86,010 
Fixed income securities
119,204 84,557 
Interest receivable— 6 
Total$202,382 $190,007 
v3.24.1.u1
Debt (Tables)
 12 Months Ended
Feb. 29, 2024
Debt Instrument [Line Items]  
Schedule of Debt [Table Text Block]
(In thousands)As of February 29 or 28
Debt Description (1)
Maturity Date20242023
Revolving credit facility (2)
June 2028$— $— 
Term loan (2)
June 2024300,000 300,000 
Term loan (2)
October 2026699,633 699,493 
3.86% Senior notesApril 2023— 100,000 
4.17% Senior notes April 2026200,000 200,000 
4.27% Senior notesApril 2028200,000 200,000 
Financing obligationsVarious dates through February 2059516,544 522,526 
Non-recourse notes payableVarious dates through December 203016,866,972 16,360,092 
Total debt18,783,149 18,382,111 
Less: current portion(797,449)(579,468)
Less: unamortized debt issuance costs(26,044)(27,506)
Long-term debt, net $17,959,656 $17,775,137 

 (1)    Interest is payable monthly, with the exception of our senior notes, which are payable semi-annually.
 (2)    Borrowings accrue interest at variable rates based on SOFR, the federal funds rate, or the prime rate, depending on the type of borrowing.
Schedule of Maturities of Long-term Debt [Table Text Block]
(In thousands)As of February 29, 2024
Fiscal 2025$55,315 
Fiscal 202660,223 
Fiscal 202750,872 
Fiscal 202850,464 
Fiscal 202952,277 
Thereafter716,725 
Total payments985,876 
Less: interest(469,332)
Present value of financing obligations$516,544 
Schedule of Funding Vehicles [Table Text Block]
(In billions)Capacity
Warehouse facilities:
March 2024 expiration$2.80 
August 2024 expiration2.30 
December 2024 expiration0.70 
Combined warehouse facility limit$5.80 
Unused capacity$2.06 
Non-recourse notes payable outstanding:
Warehouse facilities$3.74 
Asset-backed term funding transactions13.13 
Non-recourse notes payable$16.87 
v3.24.1.u1
Stock And Stock-Based Incentive Plans (Tables)
 12 Months Ended
Feb. 29, 2024
Share-Based Payment Arrangement, Noncash Expense [Abstract]  
Schedule Of Common Stock Repurchases Common Stock Repurchases
 Years Ended February 29 or 28
 202420232022
Number of shares repurchased (in thousands)
1,334.1 3,403.9 4,475.2 
Average cost per share$68.33 $94.95 $125.49 
Available for repurchase, as of end of year (in millions)
$2,360.1 $2,451.3 $774.5 
Composition Of Share-Based Compensation Expense
Composition of Share-Based Compensation Expense
 Years Ended February 29 or 28
(In thousands)202420232022
Cost of sales$4,644 $2,269 $4,924 
CarMax Auto Finance income3,643 2,295 5,043 
Selling, general and administrative expenses114,090 83,608 101,966 
Share-based compensation expense, before income taxes$122,377 $88,172 $111,933 
Composition Of Share-Based Compensation Expense - By Grant Type
Composition of Share-Based Compensation Expense – By Grant Type
 Years Ended February 29 or 28
(In thousands)202420232022
Nonqualified stock options$50,456 $38,629 $33,598 
Cash-settled restricted stock units (RSUs)48,762 23,567 52,435 
Stock-settled market stock units (MSUs)16,298 15,617 13,984 
Other share-based incentives:
Stock-settled performance stock units (PSUs)2,046 5,123 6,289 
Stock-settled deferred stock units (DSUs)1,850 1,850 1,925 
Restricted stock (RSAs)307 806 966 
Employee stock purchase plan2,658 2,580 2,736 
Total other share-based incentives6,861 10,359 11,916 
Share-based compensation expense, before income taxes$122,377 $88,172 $111,933 

Unrecognized Share-Based Compensation Expense – By Grant Type
 As of February 29, 2024
Weighted Average
UnrecognizedRemaining
CompensationRecognition Life
(Costs in millions)Costs(Years)
Nonqualified stock options$42.1 1.6
Stock-settled market stock units15.6 1.5
Stock-settled performance stock units0.5 1.0
Total$58.2 1.5
Stock Option Activity
Stock Option Activity
   Weighted 
  WeightedAverage 
  AverageRemainingAggregate
 Number ofExerciseContractualIntrinsic
(Shares and intrinsic value in thousands)SharesPriceLife (Years)Value
Outstanding as of February 28, 20236,776 $82.28   
Options granted1,554 70.55   
Options exercised(752)59.56   
Options forfeited or expired(185)85.95   
Outstanding as of February 29, 20247,393 $82.03 3.7$42,459 
Exercisable as of February 29, 20244,323 $79.97 2.6$27,379 
Outstanding Stock Options
Stock Option Information
Years Ended February 29 or 28
202420232022
Options granted1,554,029 1,301,862 922,475 
Weighted average grant date fair value per share$29.11 $33.24 $42.31 
Cash received from options exercised (in millions)
$44.8 $17.1 $79.8 
Intrinsic value of options exercised (in millions)
$15.0 $7.3 $95.2 
Realized tax benefits (in millions)
$3.6 $1.8 $20.6 
Assumptions Used To Estimate Option Values
Assumptions Used to Estimate Option Values
 Years Ended February 29 or 28
 202420232022
Dividend yield  0.0 %  0.0 %  0.0 %
Expected volatility factor (1)  
39.2 %-45.9 %38.7 %-53.6 %31.8 %-37.6 %
Weighted average expected volatility  44.6 %  39.5 %  36.2 %
Risk-free interest rate (2)
3.6 %-5.5 %0.4 %-4.7 %— %-1.4 %
Expected term (in years) (3)  
  4.6  4.6  4.6
 
(1)Measured using historical daily price changes of our stock for a period corresponding to the term of the options and the implied volatility derived from the market prices of traded options on our stock.
(2)Based on the U.S. Treasury yield curve at the time of grant.
(3)Represents the estimated number of years that options will be outstanding prior to exercise.
Restricted Stock Awards And Restricted Stock Unit Activity
Cash-Settled Restricted Stock Unit Activity
  Weighted
  Average
 Number ofGrant Date
(Units in thousands)UnitsFair Value
Outstanding as of February 28, 20231,004 $97.19 
Stock units granted915 70.69 
Stock units vested and converted(501)93.29 
Stock units cancelled(121)81.96 
Outstanding as of February 29, 20241,297 $81.42 
Cash-Settled Restricted Stock Unit Information
Years Ended February 29 or 28
202420232022
Stock units granted915,122 677,783 378,382 
Initial weighted average grant date fair value per share$70.69 $91.14 $136.46 
Payments (before payroll tax withholdings) upon
vesting (in millions)
$39.0 $67.1 $92.6 
Realized tax benefits (in millions)
$9.7 $16.8 $23.0 
Stock-Settled Market Stock Unit Activity
  Weighted
  Average
 Number ofGrant Date
(Units in thousands)UnitsFair Value
Outstanding as of February 28, 2023404 $120.61 
Stock units granted187 99.86 
Stock units vested and converted(189)94.02 
Stock units cancelled(19)118.50 
Outstanding as of February 29, 2024383 $123.73 

Stock-Settled Market Stock Unit Information
Years Ended February 29 or 28
202420232022
Stock units granted186,678 140,743 82,061 
Weighted average grant date fair value per share$99.86 $125.37 $178.15 
Realized tax benefits (in millions)
$2.3 $2.9 $10.4 
Expected Cash Settlement Range Upon Restricted Stock Unit Vesting
Expected Cash Settlement Range Upon Restricted Stock Unit Vesting
 As of February 29, 2024
(In thousands)
Minimum (1)
Maximum (1)
Fiscal 2025$34,794 $92,784 
Fiscal 202625,212 67,231 
Fiscal 202713,215 35,240 
Total expected cash settlements$73,221 $195,255 
 
(1)Net of estimated forfeitures.
v3.24.1.u1
Net Earnings Per Share (Tables)
 12 Months Ended
Feb. 29, 2024
Earnings Per Share [Abstract]  
Basic And Dilutive Net Earnings Per Share Reconciliations
Basic and Dilutive Net Earnings Per Share Reconciliations
 Years Ended February 29 or 28
(In thousands except per share data)202420232022
Net earnings$479,204 $484,762 $1,151,297 
Weighted average common shares outstanding158,216 158,800 162,410 
Dilutive potential common shares:   
Stock options272 688 2,268 
Stock-settled restricted stock units219 283 498 
Weighted average common shares and dilutive   
potential common shares158,707 159,771 165,176 
Basic net earnings per share$3.03 $3.05 $7.09 
Diluted net earnings per share$3.02 $3.03 $6.97 
v3.24.1.u1
Accumulated Other Comprehensive Loss (Tables)
 12 Months Ended
Feb. 29, 2024
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]  
Changes In Accumulated Other Comprehensive Loss By Component
Changes in Accumulated Other Comprehensive Income (Loss) By Component
   Total
 NetNetAccumulated
 UnrecognizedUnrecognizedOther
 ActuarialHedge GainsComprehensive
(In thousands, net of income taxes)Losses(Losses)Income (Loss)
Balance as of February 28, 2021$(92,662)$(26,029)$(118,691)
Other comprehensive income before reclassifications17,034 40,211 57,245 
Amounts reclassified from accumulated other   
comprehensive income (loss)2,627 12,397 15,024 
Other comprehensive income19,661 52,608 72,269 
Balance as of February 28, 2022(73,001)26,579 (46,422)
Other comprehensive income before reclassifications26,477 136,192 162,669 
Amounts reclassified from accumulated other
comprehensive income (loss)1,934 (20,312)(18,378)
Other comprehensive income28,411 115,880 144,291 
Balance as of February 28, 2023(44,590)142,459 97,869 
Other comprehensive income (loss) before reclassifications7,081 (6,943)143 
Amounts reclassified from accumulated other   
comprehensive income (loss)393 (39,121)(38,733)
Other comprehensive income (loss)7,474 (46,064)(38,590)
Balance as of February 29, 2024$(37,116)$96,395 $59,279 
Changes In And Reclassifications Out Of Accumulated Other Comprehensive Loss
Changes In and Reclassifications Out of Accumulated Other Comprehensive Income (Loss)
 
 Years Ended February 29 or 28
(In thousands)202420232022
Retirement Benefit Plans (Note 11):   
Actuarial gain arising during the year$9,289 $34,836 $22,517 
Tax expense(2,208)(8,359)(5,483)
Actuarial gain arising during the year, net of tax7,081 26,477 17,034 
Actuarial loss amortization reclassifications recognized in net pension expense:   
Cost of sales231 1,084 1,451 
CarMax Auto Finance income15 70 84 
Selling, general and administrative expenses270 1,391 1,938 
Total amortization reclassifications recognized in net pension expense516 2,545 3,473 
Tax expense(123)(611)(846)
Amortization reclassifications recognized in net   
pension expense, net of tax393 1,934 2,627 
Net change in retirement benefit plan unrecognized   
actuarial losses, net of tax7,474 28,411 19,661 
Cash Flow Hedges (Note 5):   
Changes in fair value(9,291)180,510 54,105 
Tax benefit (expense)2,348 (44,318)(13,894)
Changes in fair value, net of tax(6,943)136,192 40,211 
Reclassifications to CarMax Auto Finance income(52,354)(26,859)16,680 
Tax benefit (expense)13,233 6,547 (4,283)
Reclassification of hedge (gains) losses, net of tax(39,121)(20,312)12,397 
Net change in cash flow hedge unrecognized gains, net of tax(46,064)115,880 52,608 
Total other comprehensive (loss) income, net of tax$(38,590)$144,291 $72,269 
v3.24.1.u1
Leases (Tables)
 12 Months Ended
Feb. 29, 2024
Leases [Abstract]  
Lease, Cost [Table Text Block]
Years Ended February 29 or 28
(In thousands)202420232022
Operating lease cost (1)
$89,801 $90,925 $75,629 
Finance lease cost:
Depreciation of lease assets20,010 16,039 13,230 
Interest on lease liabilities25,724 21,969 17,015 
Total finance lease cost45,734 38,008 30,245 
Total lease cost$135,535 $128,933 $105,874 

(1)     Includes short-term leases and variable lease costs, which are immaterial.
Supplemental Balance Sheet Disclosures [Text Block]
As of February 29 or 28
(In thousands)Classification20242023
Assets:
Operating lease assetsOperating lease assets$520,717 $545,677 
Finance lease assets
Property and equipment, net (1)
174,998 145,372 
Total lease assets$695,715 $691,049 
Liabilities:
Current:
Operating leasesCurrent portion of operating lease liabilities$57,161 $53,287 
Finance leasesAccrued expenses and other current liabilities20,877 18,788 
Long-term:
Operating leasesOperating lease liabilities, excluding current portion496,210 523,828 
Finance leasesOther liabilities198,759 165,135 
Total lease liabilities$773,007 $761,038 

(1)     Finance lease assets are recorded net of accumulated depreciation of $55.5 million as of February 29, 2024 and $46.7 million as of February 28, 2023.
Other Lease Disclosures [Table Text Block]
As of February 29 or 28
Lease Term and Discount Rate20242023
Weighted Average Remaining Lease Term (in years)
Operating leases16.0716.35
Finance leases11.4310.84
Weighted Average Discount Rate
Operating leases5.05 %4.91 %
Finance leases17.16 %19.34 %
Years Ended February 29 or 28
(In thousands)202420232022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$88,704 $89,321 $72,371 
Operating cash flows from finance leases$24,782 $19,371 $11,194 
Financing cash flows from finance leases$16,674 $12,200 $11,923 
Lease assets obtained in exchange for lease obligations:
Operating leases$30,746 $58,121 $50,911 
Finance leases$51,660 $37,931 $32,052 
Schedule Of Future Minimum Lease Obligations
As of February 29, 2024
(In thousands)
Operating Leases (1)
Finance Leases (1)
Fiscal 2025$83,110 $45,669 
Fiscal 202677,748 47,724 
Fiscal 202771,393 43,914 
Fiscal 202867,246 37,051 
Fiscal 202945,400 29,808 
Thereafter517,307 229,689 
Total lease payments862,204 433,855 
Less: interest(308,833)(214,219)
Present value of lease liabilities$553,371 $219,636 

(1) Lease payments exclude $5.1 million of legally binding minimum lease payments for leases signed but not yet commenced.
v3.24.1.u1
Segment Reporting (Tables)
 12 Months Ended
Feb. 29, 2024
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment [Table Text Block]
Year Ended February 29, 2024
(In thousands)CarMax Sales OperationsOtherEliminationsTotal
Sales and operating revenues$26,400,256 $135,784 $— $26,536,040 
Intersegment sales and operating revenues— 34,779 (34,779)— 
Total sales and operating revenues$26,400,256 $170,563 $(34,779)$26,536,040 
Depreciation and amortization (1)
$1,614 $19,678 $— $21,292 
Gross profit $2,615,286 $102,544 $(4,621)$2,713,209 
Reconciliation to Consolidated Earnings Before Taxes:
CAF Income568,271 
Selling, general and administrative expenses(2,286,378)
Depreciation and amortization (2)
(239,028)
Interest expense(124,750)
Other income (expense)10,271 
Earnings before income taxes$641,595 


Year Ended February 28, 2023
(In thousands)CarMax Sales OperationsOtherEliminationsTotal
Sales and operating revenues$29,551,617 $133,256 $— $29,684,873 
Intersegment sales and operating revenues— 28,038 (28,038)— 
Total sales and operating revenues$29,551,617 $161,294 $(28,038)$29,684,873 
Depreciation and amortization (1)
$1,499 $14,263 $— $15,762 
Gross profit$2,704,398 $101,138 $(5,333)$2,800,203 
Reconciliation to Consolidated Earnings Before Taxes:
CAF Income663,404 
Selling, general and administrative expenses(2,487,357)
Depreciation and amortization (2)
(228,449)
Interest expense(120,398)
Other income (expense)9,401 
Earnings before income taxes$636,804 

(1)    Represents only the portion of depreciation and amortization recorded within Cost of sales, and thus included in the calculation of Gross profit.
(2)    Exclusive of depreciation and amortization recorded within Cost of sales.
v3.24.1.u1
Summary Of Significant Accounting Policies (Narrative) (Details)
$ in Thousands
 12 Months Ended
Feb. 29, 2024
USD ($)
warehouse
Feb. 28, 2023
USD ($)
Feb. 28, 2022
USD ($)
Liquid investments, maturity period three months or less    
Restricted cash from collections on auto loans receivable $ 506,648 $ 470,889 $ 548,099
Number of warehouses | warehouse 3    
Restricted Cash and Cash Equivalents, Noncurrent $ 169,620 165,357 152,803
Other investments 137,300 133,200  
Accrued compensation and benefits 192,400 159,300  
General liability and workers' compensation insurance 51,900 47,500  
Revenue Recognition, Sales Returns, Reserve for Sales Returns 97,800 95,900  
Advertising expenses 265,600 295,600 $ 332,200
Cash, Cash Equivalents, and Short-term Investments 484,300 229,500  
Asset-backed term funding transactions      
Restricted Cash and Cash Equivalents, Noncurrent $ 118,200 $ 113,700  
Financing Obligations      
Estimated useful life average, years 25 years    
v3.24.1.u1
Summary Of Significant Accounting Policies (Schedule Of Estimated Useful Lives) (Details)
Feb. 29, 2024
Buildings  
Property, Plant and Equipment [Line Items]  
Estimated useful life average, years 25 years
Software and Software Development Costs  
Property, Plant and Equipment [Line Items]  
Estimated useful life average, years 5 years
Minimum | Furniture, fixtures and equipment  
Property, Plant and Equipment [Line Items]  
Estimated useful life average, years 3 years
Minimum | Leaseholds and Leasehold Improvements  
Property, Plant and Equipment [Line Items]  
Estimated useful life average, years 10 years
Maximum | Furniture, fixtures and equipment  
Property, Plant and Equipment [Line Items]  
Estimated useful life average, years 15 years
Maximum | Leaseholds and Leasehold Improvements  
Property, Plant and Equipment [Line Items]  
Estimated useful life average, years 15 years
v3.24.1.u1
Revenue Disclosures (Details) - USD ($)
$ in Millions
 12 Months Ended
Feb. 29, 2024
Feb. 28, 2023
Feb. 28, 2022
Disaggregation of Revenue [Line Items]      
Revenue from Contract with Customer, Excluding Assessed Tax $ 26,536.0 $ 29,684.9 $ 31,900.4
Used vehicle sales      
Disaggregation of Revenue [Line Items]      
Revenue from Contract with Customer, Excluding Assessed Tax 20,922.3 23,034.3 24,437.1
Wholesale vehicle sales      
Disaggregation of Revenue [Line Items]      
Revenue from Contract with Customer, Excluding Assessed Tax 4,975.8 5,989.8 6,763.8
Extended protection plan revenues      
Disaggregation of Revenue [Line Items]      
Revenue from Contract with Customer, Excluding Assessed Tax 401.8 422.3 478.4
Third-party finance fees, net      
Disaggregation of Revenue [Line Items]      
Revenue from Contract with Customer, Excluding Assessed Tax (5.8) 7.0 1.5
Advertising & subscription revenues [Domain]      
Disaggregation of Revenue [Line Items]      
Revenue from Contract with Customer, Excluding Assessed Tax 135.8 133.3 101.8
Service revenues      
Disaggregation of Revenue [Line Items]      
Revenue from Contract with Customer, Excluding Assessed Tax 85.1 82.3 81.8
Other      
Disaggregation of Revenue [Line Items]      
Revenue from Contract with Customer, Excluding Assessed Tax 21.1 15.9 36.0
Total other sales and revenues      
Disaggregation of Revenue [Line Items]      
Revenue from Contract with Customer, Excluding Assessed Tax $ 638.0 $ 660.8 $ 699.5
v3.24.1.u1
CarMax Auto Finance (Components Of CarMax Auto Finance Income) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Feb. 29, 2024
Feb. 28, 2023
Feb. 28, 2022
Auto Finance Income [Line Items]      
Interest and fee income $ 1,677,400 $ 1,441,500 $ 1,296,800
Interest expense (638,700) (310,300) (228,800)
Total interest margin 1,038,700 1,131,200 1,068,000
Provision for loan losses (310,500) (317,000) (141,700)
Total interest margin after provision for loan losses 728,200 814,200 926,300
Payroll and fringe benefit expense (66,500) (62,800) (50,500)
Other Depreciation and Amortization (16,500) (15,500) (6,600)
Other direct expenses (76,900) (72,400) (67,700)
Total direct expenses (159,900) (150,800) (124,800)
CARMAX AUTO FINANCE INCOME  568,271 663,404 801,507
Total average managed receivables $ 17,313,200 $ 16,304,300 $ 14,934,000
Interest And Fee Income, Percent      
Auto Finance Income [Line Items]      
Item as percent of total average managed receivables 9.70% 8.80% 8.70%
Interest Expense, Percent      
Auto Finance Income [Line Items]      
Item as percent of total average managed receivables (3.70%) (1.90%) (1.50%)
Total Interest Margin, Percent      
Auto Finance Income [Line Items]      
Item as percent of total average managed receivables 6.00% 6.90% 7.20%
Provision For Loan Losses, Percent      
Auto Finance Income [Line Items]      
Item as percent of total average managed receivables (1.80%) (1.90%) (0.90%)
Total Interest Margin After Provision For Loan Losses, Percent      
Auto Finance Income [Line Items]      
Item as percent of total average managed receivables 4.20% 5.00% 6.20%
Payroll And Fringe Benefit Expense, Percent      
Auto Finance Income [Line Items]      
Item as percent of total average managed receivables (0.40%) (0.40%) (0.30%)
CAF Depreciation and Amortization      
Auto Finance Income [Line Items]      
Item as percent of total average managed receivables (0.10%) (0.10%) 0.00%
Other Direct Expenses, Percent      
Auto Finance Income [Line Items]      
Item as percent of total average managed receivables (0.40%) (0.40%) (0.50%)
Total Direct Expenses, Percent      
Auto Finance Income [Line Items]      
Item as percent of total average managed receivables (0.90%) (0.90%) (0.80%)
CAF Income, Percent      
Auto Finance Income [Line Items]      
Item as percent of total average managed receivables 3.30% 4.10% 5.40%
v3.24.1.u1
Auto Loan Receivables (Auto Loan Receivables, Net) (Details) - USD ($)
$ in Thousands
Feb. 29, 2024
Feb. 28, 2023
Mar. 01, 2020
Total ending managed receivables $ 17,391,800 $ 16,767,900  
Accrued interest and fees 90,900 78,000  
Other 11,900 3,100  
Less: allowance for loan losses (482,790) (507,201) $ (433,000)
Auto loans receivable, net 17,011,844 16,341,791  
Non-recourse Notes Payable 16,866,972 16,360,092  
Asset-backed term funding      
Total ending managed receivables 12,638,200 12,242,800  
Warehouse facilities      
Total ending managed receivables 3,744,600 3,649,900  
Overcollateralization      
Total ending managed receivables 790,900 739,900  
Other Managed Receivables      
Total ending managed receivables $ 218,100 $ 135,300  
v3.24.1.u1
Auto Loan Receivables (Ending Managed Receivables By Major Credit Grade) (Details) - USD ($)
$ in Millions
 12 Months Ended
Feb. 29, 2024
Feb. 28, 2023
Financing Receivable, By Major Credit Grade [Line Items]    
Total ending managed receivables $ 17,391.8 $ 16,767.9
Total ending managed receivables as percentage by major credit grade 100.00% 100.00%
Financing Receivable, Year One, Originated, Current Fiscal Year $ 6,936.6 $ 7,393.1
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year 5,074.3 5,117.2
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year 3,333.9 2,257.7
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year 1,308.8 1,356.4
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year 600.8 520.7
Financing Receivable, Originated, More than Five Years before Current Fiscal Year 137.4 122.8
Financing Receivable, Year One, Originated, Current Fiscal Year, Writeoff 111.0  
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff 248.6  
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff 129.8  
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff 41.0  
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff 19.7  
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff 11.4  
Financing Receivable, Allowance for Credit Loss, Writeoff 561.5 402.5
Core managed receivables    
Financing Receivable, By Major Credit Grade [Line Items]    
Total ending managed receivables $ 16,813.3 $ 16,329.2
Total ending managed receivables as percentage by major credit grade 96.70% 97.40%
Financing Receivable, Year One, Originated, Current Fiscal Year $ 6,637.6 $ 7,121.1
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year 4,898.0 5,004.7
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year 3,261.3 2,242.7
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year 1,299.5 1,335.3
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year 588.7 507.5
Financing Receivable, Originated, More than Five Years before Current Fiscal Year 128.2 117.9
Financing Receivable, Allowance for Credit Loss, Writeoff 471.6 348.1
Other managed receivables    
Financing Receivable, By Major Credit Grade [Line Items]    
Financing Receivable, Allowance for Credit Loss, Writeoff 89.9 54.4
Credit Grade A [Member] | Core managed receivables    
Financing Receivable, By Major Credit Grade [Line Items]    
Total ending managed receivables $ 9,141.1 $ 8,489.9
Total ending managed receivables as percentage by major credit grade 52.60% 50.60%
Financing Receivable, Year One, Originated, Current Fiscal Year $ 3,922.7 $ 3,890.9
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year 2,660.6 2,555.3
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year 1,635.1 1,112.0
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year 614.0 677.1
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year 268.7 218.3
Financing Receivable, Originated, More than Five Years before Current Fiscal Year 40.0 36.3
Credit Grade B | Core managed receivables    
Financing Receivable, By Major Credit Grade [Line Items]    
Total ending managed receivables $ 6,123.5 $ 5,913.6
Total ending managed receivables as percentage by major credit grade 35.20% 35.30%
Financing Receivable, Year One, Originated, Current Fiscal Year $ 2,370.8 $ 2,497.5
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year 1,738.8 1,839.9
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year 1,225.9 816.2
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year 493.3 488.9
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year 233.4 215.1
Financing Receivable, Originated, More than Five Years before Current Fiscal Year 61.3 56.0
Credit Grade C And Other | Core managed receivables    
Financing Receivable, By Major Credit Grade [Line Items]    
Total ending managed receivables $ 1,548.7 $ 1,925.7
Total ending managed receivables as percentage by major credit grade 8.90% 11.50%
Financing Receivable, Year One, Originated, Current Fiscal Year $ 344.1 $ 732.7
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year 498.6 609.5
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year 400.3 314.5
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year 192.2 169.3
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year 86.6 74.1
Financing Receivable, Originated, More than Five Years before Current Fiscal Year 26.9 25.6
Credit Grade C And Other | Other managed receivables    
Financing Receivable, By Major Credit Grade [Line Items]    
Total ending managed receivables $ 578.5 $ 438.7
Total ending managed receivables as percentage by major credit grade 3.30% 2.60%
Financing Receivable, Year One, Originated, Current Fiscal Year $ 299.0 $ 272.0
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year 176.3 112.5
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year 72.6 15.0
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year 9.3 21.1
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year 12.1 13.2
Financing Receivable, Originated, More than Five Years before Current Fiscal Year $ 9.2 $ 4.9
v3.24.1.u1
Auto Loan Receivables (Allowance for Loan Losses) (Details) - USD ($)
 12 Months Ended
Feb. 29, 2024
Feb. 28, 2023
Feb. 28, 2022
Mar. 01, 2020
Financing Receivable, Allowance for Credit Loss [Line Items]        
Financing Receivable, Allowance for Credit Loss $ 482,790,000 $ 507,201,000   $ 433,000,000.0
Financing Receivable, Allowance for Credit Loss, Writeoff (561,500,000) (402,500,000)    
Provision for loan losses 310,500,000 317,000,000.0 $ 141,700,000  
Recoveries (2) 226,600,000 $ 159,700,000    
Item As Percent Of Total Ending Managed Receivables, Period Increase (Decrease) $ 24      
Allowance For Loan Losses        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Item as percent of total ending managed receivables 2.78% 3.02%   2.77%
Core managed receivables        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Financing Receivable, Allowance for Credit Loss $ 389,700,000 $ 401,500,000   $ 377,500,000
Financing Receivable, Allowance for Credit Loss, Writeoff (471,600,000) (348,100,000)    
Provision for loan losses 262,500,000 229,600,000    
Recoveries (2) 197,300,000 142,500,000    
Other managed receivables        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Financing Receivable, Allowance for Credit Loss 93,100,000 105,700,000   $ 55,500,000
Financing Receivable, Allowance for Credit Loss, Writeoff (89,900,000) (54,400,000)    
Provision for loan losses 48,000,000.0 87,400,000    
Recoveries (2) $ 29,300,000 $ 17,200,000    
v3.24.1.u1
Auto Loan Receivables (Past Due Receivables) (Details) - USD ($)
$ in Millions
Feb. 29, 2024
Feb. 28, 2023
Financing Receivable, Past Due [Line Items]    
Total ending managed receivables $ 17,391.8 $ 16,767.9
Past due receivables as a percentage of total ending managed receivables 5.44% 5.00%
Financing Receivable, before Allowance for Credit Loss, Current $ 16,445.2 $ 15,930.4
Financing Receivable, before Allowance for Credit Loss, Noncurrent $ 946.6 $ 837.5
Managed Receivables    
Financing Receivable, Past Due [Line Items]    
Item as percent of total ending managed receivables 100.00% 100.00%
Core managed receivables    
Financing Receivable, Past Due [Line Items]    
Total ending managed receivables $ 16,813.3 $ 16,329.2
Financing Receivable, before Allowance for Credit Loss, Current 15,998.1 15,602.8
Financing Receivable, before Allowance for Credit Loss, Noncurrent 815.2 726.4
Core managed receivables | Credit Grade A [Member]    
Financing Receivable, Past Due [Line Items]    
Total ending managed receivables 9,141.1 8,489.9
Financing Receivable, before Allowance for Credit Loss, Current 9,088.1 8,450.3
Financing Receivable, before Allowance for Credit Loss, Noncurrent 53.0 39.6
Core managed receivables | Credit Grade B    
Financing Receivable, Past Due [Line Items]    
Total ending managed receivables 6,123.5 5,913.6
Financing Receivable, before Allowance for Credit Loss, Current 5,666.3 5,540.2
Financing Receivable, before Allowance for Credit Loss, Noncurrent 457.2 373.4
Core managed receivables | Credit Grade C And Other    
Financing Receivable, Past Due [Line Items]    
Total ending managed receivables 1,548.7 1,925.7
Financing Receivable, before Allowance for Credit Loss, Current 1,243.7 1,612.3
Financing Receivable, before Allowance for Credit Loss, Noncurrent 305.0 313.4
Other managed receivables | Credit Grade C And Other    
Financing Receivable, Past Due [Line Items]    
Total ending managed receivables 578.5 438.7
Financing Receivable, before Allowance for Credit Loss, Current 447.1 327.6
Financing Receivable, before Allowance for Credit Loss, Noncurrent $ 131.4 $ 111.1
Thirty One To Sixty Days Past Due [Member]    
Financing Receivable, Past Due [Line Items]    
Past due receivables as a percentage of total ending managed receivables 3.07% 2.90%
Financing Receivable, before Allowance for Credit Loss, Noncurrent $ 534.4 $ 486.8
Thirty One To Sixty Days Past Due [Member] | Core managed receivables    
Financing Receivable, Past Due [Line Items]    
Financing Receivable, before Allowance for Credit Loss, Noncurrent 466.3 426.2
Thirty One To Sixty Days Past Due [Member] | Core managed receivables | Credit Grade A [Member]    
Financing Receivable, Past Due [Line Items]    
Financing Receivable, before Allowance for Credit Loss, Noncurrent 32.1 25.1
Thirty One To Sixty Days Past Due [Member] | Core managed receivables | Credit Grade B    
Financing Receivable, Past Due [Line Items]    
Financing Receivable, before Allowance for Credit Loss, Noncurrent 271.3 225.7
Thirty One To Sixty Days Past Due [Member] | Core managed receivables | Credit Grade C And Other    
Financing Receivable, Past Due [Line Items]    
Financing Receivable, before Allowance for Credit Loss, Noncurrent 162.9 175.4
Thirty One To Sixty Days Past Due [Member] | Other managed receivables | Credit Grade C And Other    
Financing Receivable, Past Due [Line Items]    
Financing Receivable, before Allowance for Credit Loss, Noncurrent $ 68.1 $ 60.6
Sixty One To Ninety Days Past Due [Member]    
Financing Receivable, Past Due [Line Items]    
Past due receivables as a percentage of total ending managed receivables 1.93% 1.71%
Financing Receivable, before Allowance for Credit Loss, Noncurrent $ 336.0 $ 287.2
Sixty One To Ninety Days Past Due [Member] | Core managed receivables    
Financing Receivable, Past Due [Line Items]    
Financing Receivable, before Allowance for Credit Loss, Noncurrent 283.0 245.1
Sixty One To Ninety Days Past Due [Member] | Core managed receivables | Credit Grade A [Member]    
Financing Receivable, Past Due [Line Items]    
Financing Receivable, before Allowance for Credit Loss, Noncurrent 15.1 10.6
Sixty One To Ninety Days Past Due [Member] | Core managed receivables | Credit Grade B    
Financing Receivable, Past Due [Line Items]    
Financing Receivable, before Allowance for Credit Loss, Noncurrent 149.4 120.0
Sixty One To Ninety Days Past Due [Member] | Core managed receivables | Credit Grade C And Other    
Financing Receivable, Past Due [Line Items]    
Financing Receivable, before Allowance for Credit Loss, Noncurrent 118.5 114.5
Sixty One To Ninety Days Past Due [Member] | Other managed receivables | Credit Grade C And Other    
Financing Receivable, Past Due [Line Items]    
Financing Receivable, before Allowance for Credit Loss, Noncurrent $ 53.0 $ 42.1
Greater Than Ninety Days Past Due [Member]    
Financing Receivable, Past Due [Line Items]    
Past due receivables as a percentage of total ending managed receivables 0.44% 0.39%
Financing Receivable, before Allowance for Credit Loss, Noncurrent $ 76.2 $ 63.5
Greater Than Ninety Days Past Due [Member] | Core managed receivables    
Financing Receivable, Past Due [Line Items]    
Financing Receivable, before Allowance for Credit Loss, Noncurrent 65.9 55.1
Greater Than Ninety Days Past Due [Member] | Core managed receivables | Credit Grade A [Member]    
Financing Receivable, Past Due [Line Items]    
Financing Receivable, before Allowance for Credit Loss, Noncurrent 5.8 3.9
Greater Than Ninety Days Past Due [Member] | Core managed receivables | Credit Grade B    
Financing Receivable, Past Due [Line Items]    
Financing Receivable, before Allowance for Credit Loss, Noncurrent 36.5 27.7
Greater Than Ninety Days Past Due [Member] | Core managed receivables | Credit Grade C And Other    
Financing Receivable, Past Due [Line Items]    
Financing Receivable, before Allowance for Credit Loss, Noncurrent 23.6 23.5
Greater Than Ninety Days Past Due [Member] | Other managed receivables | Credit Grade C And Other    
Financing Receivable, Past Due [Line Items]    
Financing Receivable, before Allowance for Credit Loss, Noncurrent $ 10.3 $ 8.4
Financial Asset, 1 to 29 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Past due receivables as a percentage of total ending managed receivables 94.56% 95.00%
v3.24.1.u1
Derivative Instruments And Hedging Activities (Narrative) (Details) - Cash Flow Hedging - USD ($)
$ in Thousands
 12 Months Ended
Feb. 29, 2024
Feb. 28, 2023
Designated As Hedging Instrument    
Derivative [Line Items]    
Additional reclassification from AOCL to CAF income $ 48,500  
Derivative notional amount 5,210,000 $ 4,490,000
Not Designated as Hedging Instrument | Interest Rate Swap    
Derivative [Line Items]    
Derivative notional amount 700,000 1,140,000
Derivative, Gain (Loss) on Derivative, Net $ (20,800) $ 24,500
v3.24.1.u1
Fair Value Measurements (Schedule Of Items Measured At Fair Value On A Recurring Basis) (Details) - USD ($)
$ in Thousands
Feb. 29, 2024
Feb. 28, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Money market securities $ 1,164,270 $ 865,943
Mutual fund investments 24,312 22,671
Total assets at fair value $ 1,247,407 $ 1,019,812
Percent of total assets at fair value 100.00% 100.00%
Percent of total assets 4.60% 3.90%
Total liabilities at fair value $ (2,302) $ 0
Percent of total liabilities 0.00% 0.00%
Designated As Hedging Instrument    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Asset $ 45,761 $ 97,328
Derivative Liability (2,302)  
Not Designated as Hedging Instrument    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Asset 13,064 33,870
Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Money market securities 1,164,270 865,943
Mutual fund investments 24,312 22,671
Total assets at fair value $ 1,188,582 $ 888,614
Percent of total assets at fair value 95.30% 87.10%
Percent of total assets 4.40% 3.40%
Total liabilities at fair value $ 0 $ 0
Percent of total liabilities 0.00% 0.00%
Level 1 | Designated As Hedging Instrument    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Asset $ 0 $ 0
Derivative Liability 0  
Level 1 | Not Designated as Hedging Instrument    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Asset 0 0
Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Money market securities 0 0
Mutual fund investments 0 0
Total assets at fair value $ 58,825 $ 131,198
Percent of total assets at fair value 4.70% 12.90%
Percent of total assets 0.20% 0.50%
Total liabilities at fair value $ (2,302) $ 0
Percent of total liabilities 0.00% 0.00%
Level 2 | Designated As Hedging Instrument    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Asset $ 45,761 $ 97,328
Derivative Liability (2,302)  
Level 2 | Not Designated as Hedging Instrument    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Asset $ 13,064 $ 33,870
v3.24.1.u1
Fair Value Measurements Schedule of Carrying Values and Estimated Fair Values of Debt Instruments (Details) - USD ($)
$ in Thousands
Feb. 29, 2024
Feb. 28, 2023
Fair Value Disclosures [Abstract]    
Senior Notes $ 400,000 $ 500,000
Debt Instrument, Fair Value Disclosure $ 380,249 $ 473,749
v3.24.1.u1
Property And Equipment (Schedule Of Property And Equipment) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Feb. 29, 2024
Feb. 28, 2023
Feb. 28, 2022
Property, Plant and Equipment [Line Items]      
Finance Lease, Right-of-Use Asset, before Accumulated Amortization $ 230,537 $ 192,117  
Total property and equipment 5,479,313 5,045,838  
Less: accumulated depreciation and amortization (1,813,783) (1,614,924)  
Property and equipment, net 3,665,530 3,430,914  
Depreciation expense 261,400 244,400 $ 215,300
Land      
Property, Plant and Equipment [Line Items]      
Total property and equipment 990,225 947,734  
Land held for development (1)      
Property, Plant and Equipment [Line Items]      
Total property and equipment 193,923 62,770  
Buildings      
Property, Plant and Equipment [Line Items]      
Total property and equipment 2,612,746 2,454,937  
Leasehold improvements      
Property, Plant and Equipment [Line Items]      
Total property and equipment 361,850 356,974  
Furniture, fixtures and equipment      
Property, Plant and Equipment [Line Items]      
Total property and equipment 586,813 559,927  
Construction in progress      
Property, Plant and Equipment [Line Items]      
Total property and equipment 117,352 156,925  
Software and Software Development Costs      
Property, Plant and Equipment [Line Items]      
Total property and equipment $ 385,867 $ 314,454  
v3.24.1.u1
Intangible Assets, Goodwill and Other (Details) - USD ($)
$ in Thousands
 12 Months Ended
Feb. 29, 2024
Feb. 28, 2023
Internally developed software    
Schedule of Intangible Assets (Finite-Lived and Indefinite-Lived) [Line Items]    
Finite-Lived Intangible Assets, Gross $ 52,900 $ 52,900
Finite-Lived Intangible Assets, Accumulated Amortization (20,782) (13,225)
Finite-Lived Intangible Assets, Net 32,118 39,675
Customer Relationships    
Schedule of Intangible Assets (Finite-Lived and Indefinite-Lived) [Line Items]    
Finite-Lived Intangible Assets, Gross 133,200 133,200
Finite-Lived Intangible Assets, Accumulated Amortization (21,547) (13,712)
Finite-Lived Intangible Assets, Net 111,653 119,488
Goodwill 141,258 141,258
Indefinite-lived Intangible Assets (Excluding Goodwill) 31,900 31,900
Intangible Assets, Gross (Excluding Goodwill) 218,000 218,000
Finite-Lived Intangible Assets, Accumulated Amortization (42,329) (26,937)
Intangible Assets, Net (Excluding Goodwill) 175,671 191,063
Amortization of Intangible Assets 15,400 $ 15,400
Finite-Lived Intangible Asset, Expected Amortization, Year One 15,400  
Finite-Lived Intangible Asset, Expected Amortization, Year Two 15,400  
Finite-Lived Intangible Asset, Expected Amortization, Year Three 15,400  
Finite-Lived Intangible Asset, Expected Amortization, Year Five 9,700  
Finite-Lived Intangible Asset, Expected Amortization, Year Four 15,400  
CarMax Sales Operations    
Goodwill [Line Items]    
Goodwill 98,900  
Edmunds    
Goodwill [Line Items]    
Goodwill $ 42,400  
v3.24.1.u1
Cancellation Reserves (Schedule Of Cancellation Reserves Accrual) (Details) - USD ($)
$ in Millions
 12 Months Ended
Feb. 29, 2024
Feb. 28, 2023
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]    
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount $ 139.2 $ 144.7
Cancellations (91.2) (103.6)
Provision for future cancellations 80.3 98.1
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount $ 128.3 $ 139.2
v3.24.1.u1
Cancellation Reserves (Narrative) (Details) - USD ($)
$ in Millions
Feb. 29, 2024
Feb. 28, 2023
Cancellation Reserves [Abstract]    
Cancellation reserves, current portion $ 69.7 $ 76.1
v3.24.1.u1
Income Taxes (Schedule Of Income Tax Provision) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Feb. 29, 2024
Feb. 28, 2023
Feb. 28, 2022
Income Tax Disclosure [Abstract]      
Current, Federal $ 140,480 $ 128,994 $ 264,194
Current, State 26,711 29,598 61,855
Current, Total 167,191 158,592 326,049
Deferred, Federal (6,542) (1,118) 10,560
Deferred, State 1,742 (5,432) 4,440
Deferred, Total (4,800) (6,550) 15,000
Income Tax Expense (Benefit), Total $ 162,391 $ 152,042 $ 341,049
v3.24.1.u1
Income Taxes (Schedule Of Effective Income Tax Rate Reconciliation) (Details)
 12 Months Ended
Feb. 29, 2024
Feb. 28, 2023
Feb. 28, 2022
Income Tax Disclosure [Abstract]      
Federal statutory income tax rate 21.00% 21.00% 21.00%
State and local income taxes, net of federal benefit 3.90% 3.40% 3.70%
Share-based compensation 0.20% 0.00% (1.80%)
Nondeductible and other items 1.70% 1.50% 0.70%
Credits (1.50%) (2.00%) (0.70%)
Effective income tax rate 25.30% 23.90% 22.90%
v3.24.1.u1
Income Taxes (Schedule Of Temporary Differences Resulting In Deferred Tax Assets And Liabilities) (Details) - USD ($)
$ in Thousands
Feb. 29, 2024
Feb. 28, 2023
Income Tax Disclosure [Abstract]    
Accrued expenses and other $ 93,690 $ 102,611
Deferred Tax Asset, Tax Deferred Expense, Reserve and Accrual, Financing Receivable, Allowance for Credit Loss 117,618 123,636
Deferred Tax Assets, Tax Deferred Expense, Other 2,902 3,484
Deferred Tax Assets, Operating Loss Carryforwards 29,670 35,184
DeferredTaxAssetsLeasingArrangements 139,124 146,006
Share-based compensation 43,689 37,165
Capital loss carry forward 701 847
Total deferred tax assets 427,394 448,933
Less: valuation allowance (701) (1,305)
Total deferred tax assets after valuation allowance 426,693 447,628
Deferred Tax Liabilities, Intangible Assets 43,060 47,072
Property and equipment 101,796 113,015
Deferred Tax Liabilities, Leasing Arrangements 130,181 137,617
Inventory 18,933 14,512
Derivatives 33,933 54,672
Total deferred tax liabilities 327,903 366,888
Net deferred tax asset $ 98,790 $ 80,740
v3.24.1.u1
Income Taxes (Schedule Of Reconciliation Of Unrecognized Tax Benefits) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Feb. 29, 2024
Feb. 28, 2023
Feb. 28, 2022
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]      
Balance at beginning of year $ 27,092 $ 24,765 $ 28,997
Increases for tax positions of prior years 397 114 432
Decreases for tax positions of prior years (172) (19) (5,056)
Increases based on tax positions related to the current year 3,627 3,813 2,657
Settlements (386) (79) (391)
Lapse of statute (1,741) (1,502) (1,874)
Balance at end of year $ 28,817 $ 27,092 $ 24,765
v3.24.1.u1
Income Taxes (Narrative) (Details) - USD ($)
$ in Thousands
Feb. 29, 2024
Feb. 28, 2023
Feb. 28, 2022
Feb. 28, 2021
Income Tax Disclosure [Abstract]        
Unrecognized tax benefits, gross $ 28,817 $ 27,092 $ 24,765 $ 28,997
Unrecognized tax benefits that would impact effective tax rate, if recognized 12,100 10,600 8,500  
Accrued interest 5,300 4,000 $ 3,400  
Decrease in Unrecognized Tax Benefits is Reasonably Possible 14,000      
Operating Loss Carryforwards [Line Items]        
Deferred Tax Assets, Operating Loss Carryforwards 29,670 $ 35,184    
Federal tax credit carryforward [Member]        
Operating Loss Carryforwards [Line Items]        
Deferred Tax Assets, Operating Loss Carryforwards 12,600      
State tax credit carryforward [Member]        
Operating Loss Carryforwards [Line Items]        
Deferred Tax Assets, Operating Loss Carryforwards 12,500      
Federal NOL carryforward, no expiration [Member]        
Operating Loss Carryforwards [Line Items]        
Deferred Tax Assets, Operating Loss Carryforwards 900      
State NOL carryforward [Member]        
Operating Loss Carryforwards [Line Items]        
Deferred Tax Assets, Operating Loss Carryforwards $ 3,000      
v3.24.1.u1
Benefit Plans (Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended
Feb. 29, 2024
Feb. 28, 2023
Feb. 28, 2022
Defined Benefit Plan Disclosure [Line Items]      
Expected contributions to the plan next year $ 0.3    
Pension Plan      
Defined Benefit Plan Disclosure [Line Items]      
Contributions to the plan in current year 0.0    
Defined Benefit Plan, Expected Amortization of Gain (Loss), Next Fiscal Year (0.4)    
Defined Benefit Plan, Expected Future Benefit Payment, Year One 7.5    
Defined Benefit Plan, Expected Future Benefit Payment, Year Two 7.5    
Defined Benefit Plan, Expected Future Benefit Payment, Year Three 7.5    
Defined Benefit Plan, Expected Future Benefit Payment, Year Four 8.8    
Defined Benefit Plan, Expected Future Benefit Payment, Year Five 8.8    
Restoration Plan      
Defined Benefit Plan Disclosure [Line Items]      
Expected contributions to the plan next year 0.6    
Defined Benefit Plan, Expected Future Benefit Payment, Year Two 0.6    
Defined Benefit Plan, Expected Future Benefit Payment, Year Three 0.6    
Defined Benefit Plan, Expected Future Benefit Payment, Year Four 0.6    
Defined Benefit Plan, Expected Future Benefit Payment, Year Five 0.6    
Retirement Savings Plan401k      
Defined Benefit Plan Disclosure [Line Items]      
Total cost for company contributions $ 68.1 $ 64.0 $ 63.8
Equity securities | Pension Plan      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets target allocation 40.00%    
Fixed income securities | Pension Plan      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets target allocation 60.00%    
v3.24.1.u1
Benefit Plans (Benefit Plan Information) (Details) - USD ($)
$ in Thousands
Feb. 29, 2024
Feb. 28, 2023
Defined Benefit Plan Disclosure [Line Items]    
Plan assets $ 202,382 $ 190,007
Projected benefit obligation 216,877 218,341
Funded status recognized (14,495) (28,334)
Current liability (645) (639)
Noncurrent liability (13,850) (27,695)
Net amount recognized (14,495) (28,334)
Pension Plan    
Defined Benefit Plan Disclosure [Line Items]    
Plan assets 202,382 190,007
Projected benefit obligation 208,200 209,298
Funded status recognized (5,818) (19,291)
Current liability 0 0
Noncurrent liability (5,818) (19,291)
Net amount recognized (5,818) (19,291)
Restoration Plan    
Defined Benefit Plan Disclosure [Line Items]    
Plan assets 0 0
Projected benefit obligation 8,677 9,043
Funded status recognized (8,677) (9,043)
Current liability (645) (639)
Noncurrent liability (8,032) (8,404)
Net amount recognized $ (8,677) $ (9,043)
v3.24.1.u1
Benefit Plans (Components Of Net Pension Expense) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Feb. 29, 2024
Feb. 28, 2023
Feb. 28, 2022
Defined Benefit Plan Disclosure [Line Items]      
Total net pension (benefit) expense $ (3,390) $ (3,014) $ (2,068)
Total net actuarial gain(1) (9,289) (34,836) (22,517)
Pension Plan      
Defined Benefit Plan Disclosure [Line Items]      
Total net pension (benefit) expense (3,842) (3,443) (2,493)
Total net actuarial gain(1) (9,114) (33,110) (21,941)
Restoration Plan      
Defined Benefit Plan Disclosure [Line Items]      
Total net pension (benefit) expense 452 429 425
Total net actuarial gain(1) $ (175) $ (1,726) $ (576)
v3.24.1.u1
Benefit Plans (Assumptions Used To Determine Benefit Obligations) (Details)
Feb. 29, 2024
Feb. 28, 2023
Pension Plan    
Defined Benefit Plan Disclosure [Line Items]    
Discount rate 5.35% 5.20%
Restoration Plan    
Defined Benefit Plan Disclosure [Line Items]    
Discount rate 5.35% 5.20%
v3.24.1.u1
Benefit Plans (Assumptions Used To Determine Net Pension Expense) (Details)
 12 Months Ended
Feb. 29, 2024
Feb. 28, 2023
Feb. 28, 2022
Pension Plan      
Defined Benefit Plan Disclosure [Line Items]      
Discount rate 5.20% 3.45% 2.95%
Expected rate of return on plan assets 7.25% 7.50% 7.50%
Restoration Plan      
Defined Benefit Plan Disclosure [Line Items]      
Discount rate 5.20% 3.45% 2.95%
Expected rate of return on plan assets 0.00% 0.00% 0.00%
v3.24.1.u1
Benefit Plans (Schedule Of Fair Value Of Plan Assets) (Details) - USD ($)
$ in Thousands
Feb. 29, 2024
Feb. 28, 2023
Defined Benefit Plan Disclosure [Line Items]    
Plan assets $ 202,382 $ 190,007
Interest receivable    
Defined Benefit Plan Disclosure [Line Items]    
Plan assets 0 6
Equity securities – international | Level 1 | Mutual funds (Level 1):    
Defined Benefit Plan Disclosure [Line Items]    
Plan assets 13,900 17,578
Short-term Investments | Collective funds (NAV):    
Defined Benefit Plan Disclosure [Line Items]    
Plan assets 1,676 1,856
Equity securities | Collective funds (NAV):    
Defined Benefit Plan Disclosure [Line Items]    
Plan assets 67,602 86,010
Fixed income securities | Collective funds (NAV):    
Defined Benefit Plan Disclosure [Line Items]    
Plan assets $ 119,204 $ 84,557
v3.24.1.u1
Debt (Schedule Of Debt) (Details) - USD ($)
$ in Thousands
Feb. 29, 2024
Feb. 28, 2023
Debt Instrument [Line Items]    
Financing Obligations $ 516,544 $ 522,526
Debt, Long-term and Short-term, Combined Amount 18,783,149 18,382,111
Less: current portion (797,449) (579,468)
Unamortized Debt Issuance Expense (26,044) (27,506)
Long-term Debt 17,959,656 17,775,137
Non-recourse Notes Payable 16,866,972 16,360,092
Revolving Credit Facility    
Debt Instrument [Line Items]    
Long-term Debt 0 0
Term Loan [Member]    
Debt Instrument [Line Items]    
Long-term Debt 300,000 300,000
3.86% senior notes dues 2023 [Member]    
Debt Instrument [Line Items]    
Long-term Debt 0 100,000
4.17% senior notes due 2026 [Member]    
Debt Instrument [Line Items]    
Long-term Debt 200,000 200,000
4.27% senior notes due 2028 [Member]    
Debt Instrument [Line Items]    
Long-term Debt 200,000 200,000
October 2021 Term Loan    
Debt Instrument [Line Items]    
Long-term Debt $ 699,633 $ 699,493
v3.24.1.u1
Debt Debt (Schedule of Maturities of Long-term Debt) (Details) - USD ($)
$ in Thousands
Feb. 29, 2024
Feb. 28, 2023
Maturities of Long-Term Debt [Abstract]    
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months $ 55,315  
FinancingObligationPaymentsDueYearTwo 60,223  
FinancingObligationsPaymentsDueYearThree 50,872  
FinancingObligationsPaymentsDueYearFour 50,464  
FinancingObligationsPaymentsDueYearFive 52,277  
FinancingObligationsPaymentsDueAfterYearFive 716,725  
FinancingObligationsPaymentsDue 985,876  
FinancingObligationsUndiscountedExcessAmount (469,332)  
Financing Obligations $ 516,544 $ 522,526
v3.24.1.u1
Debt Debt (Schedule of Funding Vehicles) (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Feb. 29, 2024
Feb. 28, 2023
Schedule of Funding Vehicles [Line Items]      
Non-recourse Notes Payable   $ 16,866,972 $ 16,360,092
Warehouse Facility One [Member]      
Schedule of Funding Vehicles [Line Items]      
Warehouse Facilities Maximum Borrowing Capacity $ 3,100,000 2,800,000  
Warehouse Facility Three [Member]      
Schedule of Funding Vehicles [Line Items]      
Warehouse Facilities Maximum Borrowing Capacity   700,000  
Warehouse Facility Two [Member]      
Schedule of Funding Vehicles [Line Items]      
Warehouse Facilities Maximum Borrowing Capacity   2,300,000  
Warehouse Facilities [Member]      
Schedule of Funding Vehicles [Line Items]      
Warehouse Facilities Maximum Borrowing Capacity   5,800,000  
Debt Instrument, Unused Borrowing Capacity, Amount   2,060,000  
Non-recourse Notes Payable   3,740,000  
Asset-backed term funding transactions      
Schedule of Funding Vehicles [Line Items]      
Non-recourse Notes Payable   $ 13,130,000  
v3.24.1.u1
Debt (Narrative) (Details) - USD ($)
 12 Months Ended
Mar. 31, 2024
Feb. 29, 2024
Feb. 28, 2023
Feb. 28, 2022
Debt Instrument [Line Items]        
Long-term Debt   $ 17,959,656,000 $ 17,775,137,000  
Interest Paid, Capitalized, Investing Activities   6,200,000 $ 5,600,000 $ 5,900,000
Credit Facility        
Debt Instrument [Line Items]        
Line of Credit Facility, Maximum Borrowing Capacity   2,000,000,000    
Line of Credit Facility, Remaining Borrowing Capacity   $ 2,000,000,000    
Debt, Weighted Average Interest Rate   3.99% 2.87% 1.97%
Term Loan [Member]        
Debt Instrument [Line Items]        
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate   6.31% 5.47% 1.01%
Long-term Debt   $ 300,000,000    
Senior Notes [Member]        
Debt Instrument [Line Items]        
Long-term Debt   400,000,000    
October 2021 Term Loan        
Debt Instrument [Line Items]        
Long-term Debt   700,000,000    
Warehouse Facility One [Member]        
Debt Instrument [Line Items]        
Warehouse Facilities Maximum Borrowing Capacity $ 3,100,000,000 $ 2,800,000,000    
Line of Credit Facility, Increase (Decrease), Net $ 300,000,000      
Minimum | Financing Obligation        
Debt Instrument [Line Items]        
Initial Lease Terms   15 years    
Maximum | Financing Obligation        
Debt Instrument [Line Items]        
Initial Lease Terms   20 years    
v3.24.1.u1
Stock And Stock-Based Incentive Plans (Narrative) (Details) - USD ($)
 12 Months Ended
Feb. 29, 2024
Feb. 28, 2023
Feb. 28, 2022
Preferred Stock      
Stock and Stock-Based Incentive Plans      
Preferred shares authorized (in shares) 20,000,000    
Preferred Stock, par value (in dollars per share) $ 20    
Preferred stock shares outstanding (in shares) 0    
Share Repurchase Program      
Stock and Stock-Based Incentive Plans      
Share repurchase, authorized amount $ 4,000,000,000    
Available for repurchase, as of end of year $ 2,360,100,000 $ 2,451,300,000 $ 774,500,000
Stock Compensation Plan      
Stock and Stock-Based Incentive Plans      
Common stock, shares authorized (in shares) 62,850,000    
Common shares reserved for future grants 6,398,083    
Stock Option      
Stock and Stock-Based Incentive Plans      
Vesting period, in years 4 years    
Years until expiration 7 years    
Cash-Settled Restricted Stock Units      
Stock and Stock-Based Incentive Plans      
Vesting period, in years 3 years    
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number 1,297,000 1,004,000  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value $ 81.42 $ 97.19  
Cash-Settled Restricted Stock Units | Minimum      
Stock and Stock-Based Incentive Plans      
Cash payment per RSU, percentage 75.00%    
Cash-Settled Restricted Stock Units | Maximum      
Stock and Stock-Based Incentive Plans      
Cash payment per RSU, percentage 200.00%    
Stock-Settled Market Stock Units      
Stock and Stock-Based Incentive Plans      
Vesting period, in years 3 years    
Conversion ratio, number of final trading days in vesting period 40 days    
Share-based Compensation Arrangement by Share-based Payment Award, Conversion Ratio Quotient 2    
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number 383,000 404,000  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value $ 123.73 $ 120.61  
Stock-Settled Market Stock Units | Minimum      
Stock and Stock-Based Incentive Plans      
Stock units converted to common stock 0    
Stock-Settled Market Stock Units | Maximum      
Stock and Stock-Based Incentive Plans      
Stock units converted to common stock 2    
Performance Shares      
Stock and Stock-Based Incentive Plans      
Vesting period, in years 3 years    
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number 97,584    
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value $ 87.61    
Performance Shares | Fiscal 2022 Grants - Performance Target Not Set      
Stock and Stock-Based Incentive Plans      
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number 65,077    
Performance Shares | Fiscal 2022 grants - Year 1      
Stock and Stock-Based Incentive Plans      
PSU conversion threshold 200.00%    
Performance Shares | Fiscal 2022 grants - Year 2      
Stock and Stock-Based Incentive Plans      
PSU conversion threshold 4.00%    
Performance Shares | Fiscal 2023 grants - Year 1 [Member]      
Stock and Stock-Based Incentive Plans      
PSU conversion threshold 4.00%    
Performance Shares | Minimum      
Stock and Stock-Based Incentive Plans      
Stock units converted to common stock 0    
PSU conversion threshold 25.00%    
Performance Shares | Maximum      
Stock and Stock-Based Incentive Plans      
Stock units converted to common stock 2    
PSU conversion threshold 200.00%    
Deferred Stock Units      
Stock and Stock-Based Incentive Plans      
Vesting period, in years 1 year    
Stock units converted to common stock 1    
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number 97,001    
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value $ 89.80    
Restricted Stock Awards      
Stock and Stock-Based Incentive Plans      
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number 0    
Restricted Stock Awards | Minimum      
Stock and Stock-Based Incentive Plans      
Vesting period, in years 1 year    
Restricted Stock Awards | Maximum      
Stock and Stock-Based Incentive Plans      
Vesting period, in years 3 years    
Employee Stock Purchase Plan      
Stock and Stock-Based Incentive Plans      
Common stock, shares authorized (in shares) 8,000,000    
Associate contribution limit 10.00%    
Associate contribution limit, value $ 10,000    
Company match $ 0.15    
Share-based Compensation Arrangement by Share-based Payment Award, Shares Purchased for Award 264,628 251,651 160,093
Stock Issued During Period, Value, Employee Stock Purchase Plan $ 73.74 $ 81.40 $ 125.22
shares remained available under the purchase plan 1,749,564    
v3.24.1.u1
Stock And Stock-Based Incentive Plans (Schedule Of Common Stoc Repurchases) (Details) - Share Repurchase Program - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Feb. 29, 2024
Feb. 28, 2023
Feb. 28, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Number of shares repurchased 1,334,100 3,403,900 4,475,200
Average cost per share $ 68.33 $ 94.95 $ 125.49
Available for repurchase, as of end of year $ 2,360.1 $ 2,451.3 $ 774.5
v3.24.1.u1
Stock And Stock-Based Incentive Plans (Composition Of Share-Based Compensation Expense) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Feb. 29, 2024
Feb. 28, 2023
Feb. 28, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Share-based compensation expense, before income taxes $ 122,377 $ 88,172 $ 111,933
TOTAL COST OF SALES      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Share-based compensation expense, before income taxes 4,644 2,269 4,924
CAF Income      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Share-based compensation expense, before income taxes 3,643 2,295 5,043
Selling, general and administrative expenses      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Share-based compensation expense, before income taxes $ 114,090 $ 83,608 $ 101,966
v3.24.1.u1
Stock And Stock-Based Incentive Plans (Composition Of Share-Based Compensation Expense - By Grant Type) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Feb. 29, 2024
Feb. 28, 2023
Feb. 28, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation expense, before income taxes $ 122,377 $ 88,172 $ 111,933
Stock Options      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation expense, before income taxes 50,456 38,629 33,598
Cash-Settled Restricted Stock Units      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation expense, before income taxes 48,762 23,567 52,435
Stock-Settled Market Stock Units      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation expense, before income taxes 16,298 15,617 13,984
Performance Shares      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation expense, before income taxes 2,046 5,123 6,289
Deferred Stock Units      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation expense, before income taxes 1,850 1,850 1,925
Restricted Stock Awards      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation expense, before income taxes 307 806 966
Employee Stock Purchase Plan      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation expense, before income taxes 2,658 2,580 2,736
Total other share-based incentives      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation expense, before income taxes $ 6,861 $ 10,359 $ 11,916
v3.24.1.u1
Stock And Stock-Based Incentive Plans Stock And Stock-Based Incentive Plans (Unrecognized Compensation Expense) (Details)
$ in Millions
 12 Months Ended
Feb. 29, 2024
USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Unrecognized Compensation Costs $ 58.2
Weighted Average Remaining Recognition Life (Years) 1 year 6 months
Stock Option  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Unrecognized Compensation Costs $ 42.1
Weighted Average Remaining Recognition Life (Years) 1 year 7 months 6 days
Stock-Settled Market Stock Units  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Unrecognized Compensation Costs $ 15.6
Weighted Average Remaining Recognition Life (Years) 1 year 6 months
Performance Shares  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Unrecognized Compensation Costs $ 0.5
Weighted Average Remaining Recognition Life (Years) 1 year
v3.24.1.u1
Stock And Stock-Based Incentive Plans (Stock Option Activity) (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Feb. 29, 2024
Feb. 28, 2023
Feb. 28, 2022
Stock Option      
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]      
Outstanding as of beginning of year, Number of Shares 6,776,000    
Options granted, Number of Shares 1,554,029 1,301,862 922,475
Options exercised, Number of Shares (752,000)    
Options forfeited or expired, Number of Shares (185,000)    
Outstanding as of end of year, Number of Shares 7,393,000 6,776,000  
Exercisable as of end of year, Number of Shares 4,323,000    
Outstanding as of beginning of year, Weighted Average Exercise Price $ 82.28    
Options granted, Weighted Average Exercise Price 70.55    
Options exercised, Weighted Average Exercise Price 59.56    
Options forfeited or expired, Weighted Average Exercise Price 85.95    
Outstanding as of end of year, Weighted Average Exercise Price 82.03 $ 82.28  
Exercisable as of end of year, Weighted Average Exercise Price $ 79.97    
Outstanding as of end of year, Weighted Average Remaining Contractual Life (Years) 3 years 8 months 12 days    
Exercisable as of end of year, Weighted Average Remaining Contractual Life (Years) 2 years 7 months 6 days    
Outstanding as of end of year, Aggregate Intrinsic Value $ 42,459    
Exercisable as of end of year, Aggregate Intrinsic Value $ 27,379    
Performance Shares      
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]      
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value $ 87.61    
v3.24.1.u1
Stock And Stock-Based Incentive Plans Stock And Stock-Based Incentive Plans (Settled) (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Feb. 29, 2024
Feb. 28, 2023
Feb. 28, 2022
Stock Option      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Options granted, Number of Shares 1,554,029 1,301,862 922,475
Weighted average grant date fair value per share $ 29.11 $ 33.24 $ 42.31
Cash received from options exercised (in millions) $ 44.8 $ 17.1 $ 79.8
Intrinsic value of options exercised (in millions) 15.0 7.3 95.2
Realized tax benefits $ 3.6 $ 1.8 $ 20.6
Cash-Settled Restricted Stock Units      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock units granted, Number of Units 915,122 677,783 378,382
Initial weighted average grant date fair value per share $ 70.69 $ 91.14 $ 136.46
Payments (before payroll tax withholdings) upon vesting $ 39.0 $ 67.1 $ 92.6
Realized tax benefits $ 9.7 $ 16.8 $ 23.0
Stock-Settled Market Stock Units      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock units granted, Number of Units 186,678 140,743 82,061
Initial weighted average grant date fair value per share $ 99.86 $ 125.37 $ 178.15
Realized tax benefits $ 2.3 $ 2.9 $ 10.4
v3.24.1.u1
Stock And Stock-Based Incentive Plans (Assumptions Used To Estimate Option Values) (Details)
 12 Months Ended
Feb. 29, 2024
Feb. 28, 2023
Feb. 28, 2022
Share-Based Payment Arrangement, Noncash Expense [Abstract]      
Dividend yield 0.00% 0.00% 0.00%
Expected volatility factor, Minimum 39.20% 38.70% 31.80%
Expected volatility factor, Maximum 45.90% 53.60% 37.60%
Weighted average expected volatility 44.60% 39.50% 36.20%
Risk-free interest rate, Minimum 3.60% 0.40% 0.00%
Risk-free interest rate, Maximum 5.50% 4.70% 1.40%
Expected term (in years) 4 years 7 months 6 days 4 years 7 months 6 days 4 years 7 months 6 days
v3.24.1.u1
Stock And Stock-Based Incentive Plans (Cash-Settled Restricted Stock Unit Activity) (Details) - Cash-Settled Restricted Stock Units - $ / shares
 12 Months Ended
Feb. 29, 2024
Feb. 28, 2023
Feb. 28, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Outstanding at beginning of year, Number of Shares or Units 1,004,000    
Stock units granted, Number of Units 915,122 677,783 378,382
Stock units vested and converted, Number of Units (501,000)    
Stock units cancelled, Number of Units (121,000)    
Outstanding at end of year, number of shares or Units 1,297,000 1,004,000  
Outstanding as of beginning of year, Weighted Average Grant Date Fair Value $ 97.19    
Initial weighted average grant date fair value per share 70.69 $ 91.14 $ 136.46
Stock units vested and converted, Weighted Average Grant Date Fair Value 93.29    
Stock units cancelled, Weighted Average Grant Date Fair Value 81.96    
Outstanding as of end of year, Weighted Average Grant Date Fair Value $ 81.42 $ 97.19  
v3.24.1.u1
Stock And Stock-Based Incentive Plans (Expected Cash Settlement Range Upon Restricted Stock Unit Vesting) (Details)
$ in Thousands
Feb. 29, 2024
USD ($)
Minimum  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Fiscal 2025 $ 34,794
Fiscal 2026 25,212
Fiscal 2027 13,215
Total expected cash settlements 73,221
Maximum  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Fiscal 2025 92,784
Fiscal 2026 67,231
Fiscal 2027 35,240
Total expected cash settlements $ 195,255
v3.24.1.u1
Stock And Stock-Based Incentive Plans (Stock-Settled Activity) (Details) - $ / shares
 12 Months Ended
Feb. 29, 2024
Feb. 28, 2023
Feb. 28, 2022
Stock-Settled Market Stock Units      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Outstanding at beginning of year, Number of Shares or Units 404,000    
Stock units granted, Number of Units 186,678 140,743 82,061
Stock units vested and converted, Number of Units (189,000)    
Stock units cancelled, Number of Units (19,000)    
Outstanding at end of year, number of shares or Units 383,000 404,000  
Outstanding as of beginning of year, Weighted Average Grant Date Fair Value $ 120.61    
Stock units granted, weighted average grant date fair value 99.86 $ 125.37 $ 178.15
Stock units vested and converted, Weighted Average Grant Date Fair Value 94.02    
Stock units cancelled, Weighted Average Grant Date Fair Value 118.50    
Outstanding as of end of year, Weighted Average Grant Date Fair Value $ 123.73 $ 120.61  
Performance Shares      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Outstanding at end of year, number of shares or Units 97,584    
Outstanding as of end of year, Weighted Average Grant Date Fair Value $ 87.61    
Performance Shares | Fiscal 2022 Grants - Performance Target Not Set      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Outstanding at end of year, number of shares or Units 65,077    
Deferred Stock Units      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Outstanding at end of year, number of shares or Units 97,001    
Outstanding as of end of year, Weighted Average Grant Date Fair Value $ 89.80    
Restricted Stock Awards      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Outstanding at end of year, number of shares or Units 0    
v3.24.1.u1
Net Earnings Per Share (Narrative) (Details) - shares
 12 Months Ended
Feb. 29, 2024
Feb. 28, 2023
Feb. 28, 2022
Earnings Per Share [Abstract]      
Antidilutive securities not included in calculation of dilutive net earnings per share 5,791,423 2,217,957 750,516
v3.24.1.u1
Net Earnings Per Share (Basic And Dilutive Net Earnings Per Share Reconciliations) (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Feb. 29, 2024
Feb. 28, 2023
Feb. 28, 2022
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]      
Net earnings $ 479,204 $ 484,762 $ 1,151,297
Weighted average common shares outstanding (in shares) 158,216 158,800 162,410
Weighted average common shares and dilutive potential common shares (in shares) 158,707 159,771 165,176
Basic net earnings per share (in dollars per share) $ 3.03 $ 3.05 $ 7.09
Diluted net earnings per share (in dollars per share) $ 3.02 $ 3.03 $ 6.97
Stock Options      
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]      
Dilutive potential common shares (in shares) 272 688 2,268
Stock-Settled Market Stock Units      
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]      
Dilutive potential common shares (in shares) 219 283 498
v3.24.1.u1
Accumulated Other Comprehensive Loss (Narrative) (Details) - USD ($)
$ in Millions
Feb. 29, 2024
Feb. 28, 2023
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]    
Deferred tax $ 19.3 $ 32.6
v3.24.1.u1
Accumulated Other Comprehensive Loss (Accumulated Other Comprehensive Loss) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Feb. 29, 2024
Feb. 28, 2023
Feb. 28, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Balance at beginning of year $ 97,869 $ (46,422) $ (118,691)
Other comprehensive income before reclassifications 143 162,669 57,245
Amounts reclassified from accumulated other comprehensive loss (38,733) (18,378) 15,024
Other comprehensive income (38,590) 144,291 72,269
Balance at end of year 59,279 97,869 (46,422)
Net Unrecognized Actuarial Losses      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Balance at beginning of year (44,590) (73,001) (92,662)
Other comprehensive income before reclassifications 7,081 26,477 17,034
Amounts reclassified from accumulated other comprehensive loss 393 1,934 2,627
Other comprehensive income 7,474 28,411 19,661
Balance at end of year (37,116) (44,590) (73,001)
Net Unrecognized Hedge Gains (Losses)      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Balance at beginning of year 142,459 26,579 (26,029)
Other comprehensive income before reclassifications (6,943) 136,192 40,211
Amounts reclassified from accumulated other comprehensive loss (39,121) (20,312) 12,397
Other comprehensive income (46,064) 115,880 52,608
Balance at end of year 96,395 142,459 26,579
AOCI Attributable to Parent [Member]      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Other comprehensive income $ (38,590) $ 144,291 $ 72,269
v3.24.1.u1
Accumulated Other Comprehensive Loss (Changes In and Reclassifications Out of Accumulated Other Comprehensive Loss) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Feb. 29, 2024
Feb. 28, 2023
Feb. 28, 2022
Actuarial gain arising during the year $ 9,289 $ 34,836 $ 22,517
Tax expense (2,208) (8,359) (5,483)
Actuarial gain arising during the year, net of tax 7,081 26,477 17,034
Actuarial loss amortization reclassifications in net pension expense 516 2,545 3,473
Tax expense (123) (611) (846)
Amortization reclassifications recognized in net pension expense, net of tax 393 1,934 2,627
Net change in retirement benefit plan unrecognized actuarial losses, net of tax 7,474 28,411 19,661
Changes in fair value (9,291) 180,510 54,105
Tax benefit (expense) 2,348 (44,318) (13,894)
Changes in fair value, net of tax (6,943) 136,192 40,211
Reclassifications to CarMax Auto Finance income (52,354) (26,859) 16,680
Tax benefit (expense) 13,233 6,547 (4,283)
Reclassification of hedge (gains) losses, net of tax (39,121) (20,312) 12,397
Net change in cash flow hedge unrecognized gains, net of tax (46,064) 115,880 52,608
Total other comprehensive (loss) income, net of tax (38,590) 144,291 72,269
TOTAL COST OF SALES      
Actuarial loss amortization reclassifications in net pension expense 231 1,084 1,451
CarMax Auto Finance income      
Actuarial loss amortization reclassifications in net pension expense 15 70 84
Selling, general and administrative expenses      
Actuarial loss amortization reclassifications in net pension expense $ 270 $ 1,391 $ 1,938
v3.24.1.u1
Leases (Narrative) (Details)
 12 Months Ended
Feb. 29, 2024
Minimum  
Lessee, Lease, Description [Line Items]  
Lease renewal term, years 1 year
Real Estate Lease Term 5 years
Equipment Lease Term 3 years
Maximum  
Lessee, Lease, Description [Line Items]  
Lease renewal term, years 20 years
Real Estate Lease Term 20 years
Equipment Lease Term 8 years
v3.24.1.u1
Leases Components of Lease Cost (Details) - USD ($)
$ in Thousands
 12 Months Ended
Feb. 29, 2024
Feb. 28, 2023
Feb. 28, 2022
Leases [Abstract]      
Operating Lease, Cost $ 89,801 $ 90,925 $ 75,629
Finance Lease, Right-of-Use Asset, Amortization 20,010 16,039 13,230
Finance Lease, Interest Expense 25,724 21,969 17,015
Finance Lease, Cost 45,734 38,008 30,245
Lease, Cost $ 135,535 $ 128,933 $ 105,874
v3.24.1.u1
Leases Leases - Supplemental Balance Sheet (Details) - USD ($)
$ in Thousands
Feb. 29, 2024
Feb. 28, 2023
Leases [Abstract]    
Operating lease assets $ 520,717 $ 545,677
Finance lease assets 174,998 145,372
Total lease assets 695,715 691,049
Current portion of operating lease liabilities 57,161 53,287
Finance Lease, Liability, Current 20,877 18,788
Operating lease liabilities, excluding current portion 496,210 523,828
Finance Lease, Liability, Noncurrent 198,759 165,135
Total lease liabilities 773,007 761,038
Finance Lease Accumulated Depreciation $ 55,500 $ 46,700
v3.24.1.u1
Leases Lease Term and Discount Rate (Details)
Feb. 29, 2024
Rate
Feb. 28, 2023
Rate
Leases [Abstract]    
Operating Lease, Weighted Average Remaining Lease Term 16 years 25 days 16 years 4 months 6 days
Finance Lease, Weighted Average Remaining Lease Term 11 years 5 months 4 days 10 years 10 months 2 days
Operating Lease, Weighted Average Discount Rate, Percent 5.05% 4.91%
Finance Lease, Weighted Average Discount Rate, Percent 17.16% 19.34%
v3.24.1.u1
Leases Lease Supplemental Cash Flow Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Feb. 29, 2024
Feb. 28, 2023
Feb. 28, 2022
Leases [Abstract]      
Operating Lease, Payments $ 88,704 $ 89,321 $ 72,371
Finance Lease, Interest Payment on Liability 24,782 19,371 11,194
Finance Lease, Principal Payments 16,674 12,200 11,923
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability 30,746 58,121 50,911
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability $ 51,660 $ 37,931 $ 32,052
v3.24.1.u1
Leases Maturities of Lease Liabilities (Details)
$ in Thousands
Feb. 29, 2024
USD ($)
Leases [Abstract]  
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months $ 83,110
Lessee, Operating Lease, Liability, Payments, Due Year Two 77,748
Lessee, Operating Lease, Liability, Payments, Due Year Three 71,393
Lessee, Operating Lease, Liability, Payments, Due Year Four 67,246
Lessee, Operating Lease, Liability, Payments, Due Year Five 45,400
Lessee, Operating Lease, Liability, Payments, Due after Year Five 517,307
Lessee, Operating Lease, Liability, Payments, Due 862,204
Lessee, Operating Lease, Liability, Undiscounted Excess Amount (308,833)
Operating Lease, Liability 553,371
Finance Lease, Liability, Payments, Due Next Twelve Months 45,669
Finance Lease, Liability, Payments, Due Year Two 47,724
Finance Lease, Liability, Payments, Due Year Three 43,914
Finance Lease, Liability, Payments, Due Year Four 37,051
Finance Lease, Liability, Payments, Due Year Five 29,808
Finance Lease, Liability, Payments, Due after Year Five 229,689
Finance Lease, Liability, Payment, Due 433,855
Finance Lease, Liability, Undiscounted Excess Amount (214,219)
Finance Lease, Liability 219,636
Lessee Lease Not Yet Commenced Amount $ 5,100
v3.24.1.u1
Commitments And Contingencies (Details) - USD ($)
$ in Millions
 3 Months Ended
Aug. 31, 2023
May 31, 2023
Feb. 29, 2024
Feb. 28, 2023
Feb. 28, 2022
May 31, 2020
Commitments and Contingencies Disclosure [Abstract]            
Liability associated with guarantee     $ 30.9 $ 27.1    
Purchase obligation     428.2      
Purchase obligation due next twelve months     $ 213.3      
Former Gain Contingency, Recognized in Current Period         $ 3.8 $ 40.3
Proceeds from Legal Settlements $ 7.9 $ 59.3        
v3.24.1.u1
Segment Reporting (Details) - USD ($)
$ in Thousands
 12 Months Ended
Feb. 29, 2024
Feb. 28, 2023
Feb. 28, 2022
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
NET SALES AND OPERATING REVENUES $ 26,536,040 $ 29,684,873 $ 31,900,412
Depreciation and amortization 260,414 265,224 273,188
Gross Profit 2,713,209 2,800,203 3,287,542
CARMAX AUTO FINANCE INCOME  568,271 663,404 801,507
Selling, General and Administrative Expense (2,286,378) (2,487,357) (2,325,220)
Depreciation, Depletion and Amortization, Nonproduction (239,028) (228,449) (211,956)
Interest expense (124,750) (120,398) (94,095)
Nonoperating Income (Expense) 10,271 9,401 34,568
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest 641,595 636,804 $ 1,492,346
TOTAL COST OF SALES      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Depreciation and amortization 21,292 15,762  
Intersegment Eliminations      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
NET SALES AND OPERATING REVENUES (34,779) (28,038)  
Gross Profit (4,621) (5,333)  
CarMax Sales Operations      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
NET SALES AND OPERATING REVENUES 26,400,256 29,551,617  
Gross Profit 2,615,286 2,704,398  
CarMax Sales Operations | TOTAL COST OF SALES      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Depreciation and amortization 1,614 1,499  
CarMax Sales Operations | Operating Segments      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
NET SALES AND OPERATING REVENUES 26,400,256 29,551,617  
Other Segments      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
NET SALES AND OPERATING REVENUES 135,784 133,256  
Gross Profit 102,544 101,138  
Other Segments | TOTAL COST OF SALES      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Depreciation and amortization 19,678 14,263  
Other Segments | Operating Segments      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
NET SALES AND OPERATING REVENUES 170,563 161,294  
Other Segments | Intersegment Eliminations      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
NET SALES AND OPERATING REVENUES $ 34,779 $ 28,038